RiverStone Group News

Fairfax Announces Sale of RiverStone Europe to Private Equity Firm CVC

Fairfax Financial Holdings Ltd. announced it has entered into a binding agreement with CVC Capital Partners (CVC) to sell all of its interests in RiverStone Europe to private equity firm CVC Capital Partners for approximately $750 million. Fairfax also will …

ArgoGlobal Announces Reinsurance-to-Close Deal with Legacy Specialist RiverStone

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced a reinsurance-to-close (RITC) transaction with legacy specialist RiverStone Holdings. Upon completion of the transaction, RiverStone will undertake an RITC of ArgoGlobal’s Syndicate 1200 for 2017 and prior years with net …

American Financial Group Agrees to Sell Run-Off Lloyd’s Insurer Neon to RiverStone

American Financial Group Inc. announced it has reached a definitive agreement to sell GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own its Lloyd’s of London insurer, Neon, to RiverStone Holdings Ltd. Upon closing of the sale, …

Skuld to Sell Lloyd’s Syndicate 1897 to Legacy Specialist RiverStone

Skuld, the marine insurance provider, announced it has reached an agreement with legacy specialist The RiverStone Group for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. Financial details of the transaction, which is …

Canada Pension Fund OMERS to Buy Stake in Fairfax Run-off Unit, RiverStone UK

Fairfax Financial Holdings Ltd. and OMERS, the pension plan for Ontario’s municipal employees, announced they have entered into an agreement where OMERS will acquire a 40% interest in Fairfax’s UK run-off group, RiverStone UK. The transaction gives RiverStone UK the …

London Run-off Specialist RiverStone Acquires 2 Cayman-Based Captives

Run-off specialist RiverStone Group, the London-based subsidiary of Fairfax Financial Holdings, announced the acquisition of two Cayman-based captives: GMPCI Insurance Co. Ltd. (GMPCI) and Seaside Indemnity Alliance Company Ltd. Seaside was formed in 2013 for the purpose of assuming hospital …

Brexit Creates Opportunities for Specialist Legacy Acquisition Insurers

Britain’s impending departure from the European Union is creating expansion opportunities for specialist general insurers who buy and manage policies closed to new customers. Whether Britain leaves the European Union without a deal or under a so-called hard Brexit, British …

RiverStone Acquires New York’s Rockville Risk Management and ER Quinn Company

RiverStone has acquired Rockville Risk Management and ER Quinn Company (collectively, Rockville). Rockville is a New York-based, privately-owned third-party administrator and loss adjusting company that provides comprehensive claim services to insurers, syndicates, managing general agents, re-insurers and self-insureds. Following the …

Houston-Area Residents Sue Engineering Firm Over Harvey Flooding

Hundreds of residents in Fort Bend County, Texas, have sued an engineering company alleging that it was negligent in the design of a stormwater management system for a community that flooded during Hurricane Harvey. The lawsuit was filed recently against …

Fairfax Runoff Sub RiverStone to Acquire All Shares of Brit Insurance Ltd.

The Netherlands-based Brit Group and Canada’s Fairfax Financial Holdings Limited have announced that RiverStone, Fairfax’ runoff subsidiary, has entered into an agreement with Brit to purchase all of the outstanding shares of UK-based Brit Insurance Limited (BIL), which wrote UK …