Legacy specialist RiverStone Europe has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency Limited.
Under the arrangement, legacy Pembroke business that remained with Liberty Mutual Group following Hamilton Insurance Group’s acquisition of Pembroke and Syndicate 4000 in 2019 will be transferred.
The transaction has net technical provisions of more than £370 million and received Lloyd’s approval in early February, with the RITC effective from January 1st, 2021.
RiverStone Europe, which is in the process of being acquired by CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, will now work with Hamilton to transition the business operations over the coming months.
Luke Tanzer, RiverStone Europe’s Managing Director, commented: “We are very pleased that Hamilton and Liberty selected RiverStone Europe as their partner for this transaction.
“We have worked closely with them to ensure their strategic objectives are achieved through this RITC, and we will ensure that all stakeholders continue to receive the highest possible level of service. The completion of this transaction reinforces RiverStone Europe’s competitive edge and outstanding reputation in the market.”
Adrian Daws, Chief Executive Officer (CEO), Hamilton Managing Agency Limited, added: “This transaction is the final act of what has been a transformational deal for Hamilton.
“As we complete the integration of our acquired operations from Liberty, we’re well-positioned to continue to focus on our long-term development in building a global, diversified specialty insurance and reinsurance franchise.”
