The Channel Syndicate at Lloyd’s of London, which is part of global re/insurer SCOR’s Specialty Insurance platform, has completed its reinsurance to close (RITC) transaction with legacy specialist, RiverStone.
Effective January 1st, 2020 the transaction covers the 2017 and prior years of account of Syndicate 2015.
First announced in November of last year, the deal was brokered by reinsurance broker Guy Carpenter, and enables SCOR to deploy its capital efficiently and for RiverStone to bring its claims management expertise and focus onto this portfolio.
RiverStone and Channel Syndicate are collaborating to ensure the continuity of their excellent service to all stakeholders.
Effective April 1st, 2020, RiverStone Managing Agency Limited and its service firm, RiverStone Management Limited, will be managing the business. From now until then, Channel will retain the day-to-day management of the portfolio on behalf of RiverStone.
Luke Tanzer, Managing Director of RiverStone UK, commented: “We are delighted that Channel has chosen us to help deliver their strategic aims. This transaction will enable Channel to concentrate on their ongoing core business safe in the knowledge that their reputation will be protected by RiverStone’s commitment and focus on the delivery of excellence in the management of legacy business.”
RiverStone is owned by Fairfax Financial Holdings Limited and in December of last year, it was revealed that Canadian defined benefit pension plan, OMERS, had agreed to acquire a 40% stake in RiverStone UK, Fairfax’s UK run-off arm.