Following the successful transition of Sphere Drake into run-off, RiverStone added its Swedish portfolio (purchased by Fairfax as a run-off book from Skandia in 1998), Skandia’s former UK company, (Skandia U.K. Insurance plc), Dai-Tokyo Insurance UK (later renamed RiverStone Insurance UK Limited (“RiverStone Insurance”) and the Bermudian operations of Sphere Drake during 2000.
Also in 2000, Compagnie Transcontinentale de Reassurance ("CTR"), purchased by Fairfax in 1997 from GAN, ceased underwriting non-life reinsurance business and transferred the renewal rights to that business to Odyssey America Reinsurance Corporation. CTR continued to underwrite life reinsurance until 2002, when the company was put into runoff. Subsequently, RiverStone assumed financial and management responsibility for this portfolio. Through a series of legal and operational consolidations during 2002 and 2003, these various portfolios, operating in different locations and subject to separate regulatory authorities, were combined into RiverStone Insurance (UK) Limited, a company regulated by the Prudential Regulatory Authority (PRA) & Financial Conduct Authority (FCA).
In 2003, RiverStone formed Syndicate 3500 at Lloyd’s to acquire open years of account within the Lloyd’s market. At the same time as the creation of this run-off syndicate, RiverStone acquired through a reinsurance-to-close the open years of account of Syndicate 271 (aviation) and of Syndicate 506 (non-marine business). Furthermore, RiverStone acquired Kingsmead Managing Agency (renamed RiverStone Managing Agency Limited) to form its own managing agency at Lloyd’s in late 2003. This managing agency is responsible for Syndicate 3500. This transaction, including reinsurance into RiverStone Insurance and the formation of a syndicate dedicated to run-off business, at the time represented a new approach within the Lloyd’s market for the management and resolution of open years of account.
In 2004, RiverStone continued the consolidation of its operations with the transfer, through the Part VII mechanism in the UK, of most of the liabilities of Sphere Drake into RiverStone Insurance.
In January 2005, RiverStone acquired a French reinsurer, Compagnie de Reassurance d’Ile de France and its French subsidiary Terra Nova S.A.S. from Markel Corporation which were also transferred into RiverStone Insurance.
In October 2010 RiverStone acquired the corporate underwriting member for Lloyd’s Syndicate 2112, which is managed by RiverStone Managing Agency Limited.
In January 2011 RiverStone completed the reinsurance to close of the open years of Syndicate 376 into Syndicate 3500.
RiverStone Europe has consolidated the management and reporting responsibilities for all portfolios into its offices in the UK and has migrated all operating systems onto a single platform.