RiverStone International, the legacy acquisition company, announced it has signed a reinsurance-to-close contract with Asta Managing Agency, under which the 2022 underwriting year of account of Hampden Risk Partners (HRP) Syndicate 2689 will close into Riverstone International Syndicate 3500.
The net technical provisions as of third quarter 2024 were £62.5 million (US$78.7 million).
“We are pleased to have partnered with Asta and Hampden to complete this transaction. RiverStone International remains committed to being the premier acquirer of legacy business in Lloyd’s, and we are dedicated to supporting the success of our clients and the wider market in this space,” commented Andy Creed, UK CEO and group CFO.
“The closure of the 2022 underwriting year of account and prior in this manner further reinforces our commitment to our ‘intelligent follow’ model as introduced for the 2023 year of account,” said Chris Sharp, active underwriter HRP Syndicate 2689.
About RiverStone International
RiverStone International is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business. Operating in the UK company and Lloyd’s of London markets, Bermuda, U.S. and Europe, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases, acquiring more than US$17.3 billion of liabilities since 2010 and with around US$6.9 billion of total liabilities.
Source: RiverStone International
Topics Reinsurance
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