• January 11, 2022
    RiverStone International completes loss portfolio transfer (LPT) reinsurance agreement with Canopius Group
    RiverStone International completes loss portfolio transfer (LPT) reinsurance agreement with Canopius December 24, 2021 Please read Canopius Group’s press release here: LONDON – 24th December 2021 - Canopius Group, a leading global specialty (re)insurer, today announces that it has completed a Loss Portfolio Transfer (LPT) agreement with RiverStone International (RiverStone). The agreement covers discontinued classes of business underwritten by Canopius’s Syndicates and will see RiverStone’s Syndicate 3500 indemnify Canopius against potential losses in respect of net liabilities valued at approximately $780m. The portfolio transfer was brokered by Gallagher Re. Nick Betteridge, Chief Actuary of Canopius, commented: “This LPT with RiverStone provides Canopius with finality on our discontinued lines, allowing us to focus on our core business and releasing capital to reinvest in support of our future growth aspirations. “With the current positive market environment, we see this as a great time to continue to invest and grow our business in 2022 and beyond.  I would like to thank Gallagher Re for their professional handling of this transaction and we look forward to working with RiverStone to transition the business over.” Riverstone’s CEO, Luke Tanzer, commented: “We are delighted to have executed this legacy portfolio transaction with Canopius, which continues to build upon our strong position in Lloyd’s.  We look forward to working closely with Canopius through the transition phase and to maintaining the high-quality level of service for policyholders and claimants”. – Ends – For further information please contact: David Haggie / Richard Adams, Haggie Partners                                       +44 20 7562 4444
  • December 20, 2021
    RiverStone International to acquire Argo Group International Holdings Ltd.’s Malta business operations, ArgoGlobal Holdings (Malta) Ltd. and its subsidiaries.
    December 20, 2021 “We are delighted to have executed a second legacy transaction with the Argo Group, which strengthens our important business relationship,” said Luke Tanzer, RiverStone International’s CEO. “We look forward to working closely with Argo through the completion phase and to continue to service ArgoGlobal SE policyholders and claimants to the high standards currently provided.” Please read Argo Group’s press release here: Argo Group Announces Sale of ArgoGlobal SE  HAMILTON, BERMUDA – Dec. 20, 2021 – Argo Group International Holdings Ltd. (NYSE: ARGO), an underwriter of specialty insurance, today announced an agreement to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd. and its subsidiaries, to Riverstone Holdings Limited (part of the RiverStone International group), an industry-leading acquirer and reinsurer of legacy and discontinued insurance businesses. Closing of the transaction is subject to regulatory approval and is expected to occur during the first half of 2022. “This sale supports our strategy to focus on U.S.-based specialty insurance risks,” said Andy Borst, interim president of international operations. ArgoGlobal SE business was primarily focused on insuring risks in Europe and has not been actively underwriting business since 2020. “We are delighted to have executed a second legacy transaction with the Argo Group, which strengthens our important business relationship,” said Luke Tanzer, RiverStone International’s CEO. “We look forward to working closely with Argo through the completion phase and to continue to service ArgoGlobal SE policyholders and claimants to the high standards currently provided.” The terms of the agreement were not disclosed. ABOUT ARGO GROUP INTERNATIONAL HOLDINGS LTD. Argo Group International Holdings Ltd. (“Argo”) (NYSE: ARGO) is an underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo and its insurance subsidiaries are rated “A-” by Standard & Poor’s. Argo’s insurance subsidiaries are rated “A-” by AM Best. More information on Argo and its subsidiaries is available at argogroup.com. Investors: Greg Charpentier Investor Relations 646-312-6622 gregory.charpentier@argogroupus.com Media: David Snowden Senior Vice President, Argo Group Communications 210-321-2104 david.snowden@argogroupus.com Federica Aversa Global Brand & Communications Manager +44 (0) 207 398 4329 federica.aversa@rsml.co.uk
  • November 18, 2021
    RiverStone International completes loss portfolio transfer (LPT) reinsurance agreement with BRIT
    RiverStone International completes loss portfolio transfer (LPT) reinsurance agreement with BRIT November 18, 2021 “We are very pleased that BRIT has again selected RiverStone as their partner for this transaction. This is further testament to our outstanding reputation in the market and a significant milestone in our acquisition strategy.” Luke Tanzer, Chief Executive Officer Please read BRIT’s full press release here: Brit Ltd (“Brit”) today announces that it has completed a loss portfolio transfer (LPT) agreement with RiverStone International (RiverStone). The agreement is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987 and is effective from 1 October 2021.  The agreement will see RiverStone’s Syndicate 3500 indemnify Brit against potential adverse development in respect of net liabilities, valued at approximately $380m. RiverStone will assume all claims handing responsibility for the transferring business. Gavin Wilkinson, Brit Group CFO, said: “We are pleased to complete this LPT with RiverStone which provides Brit with certainty of exit on discontinued lines and reduces exposure to US Casualty claims inflation. This agreement builds on the previous reinsurance agreements between Brit and RiverStone in 2014 and 2018, leveraging the strong relationship between us.  We look forward to working with RiverStone over the next few months as we transition the claims management to their teams.”   About Brit Brit is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit is a subsidiary of Fairfax Financial Holdings Limited Source: Brit Limited 
  • October 19, 2021
    RiverStone International appoints new board member and CIO
    RiverStone International appoints new board member and CIO 19 October 2021 Press Release RiverStone International, the industry-leading acquirer and reinsurer of legacy and discontinued insurance business, today announces the appointments of Costas Miranthis as an independent non-executive director to the group board and Neil Taylor as the group chief investment officer. Miranthis has more than 35 years of experience in the financial and insurance sectors, including 13 years at Partner Re where he was most recently president and chief executive officer. He also serves on the boards of Hiscox, the Argus Group, and Pacific Life Re as an independent non-executive director. Costas brings significant experience in underwriting and actuarial roles and strong leadership experience that will support RiverStone International’s expansion. Taylor has spent 11 years at Catalina, the non-life run-off specialist insurer, as the European chief investment officer, responsible for all of Catalina’s regulated insurance entities in the region. He has deep insight into how an investment function of a legacy business can operate optimally with credit experience across multiple asset classes and geographies, which will be critical as RiverStone International establishes its own independent investment strategy. Luke Tanzer, chief executive officer of RiverStone International, said: “As RiverStone International continues to expand, we seek to hire the industry’s leading specialists who will strengthen our capabilities and help us offer the best possible service to our clients. We are delighted to welcome Costas and Neil to our Group. They bring a wealth of experience and will be central to achieving our growth plans as a focused independent company.”   Contacts: Haggie Partners Damian Beeley / Shipra Khanna Tel: +44 (0)207 562 4444 Damian.Beeley@haggie.co.uk  Shipra.Khanna@haggie.co.uk RiverStone International   Federica Aversa, Global Brand and Communications Manager  Tel : +44 20 7398 4329  federica.aversa@rsml.co.uk  
  • October 11, 2021
    We are proud to support Black History Month
    What actions can we take both now and ongoing to help advocate for racial equality? Are we doing enough to be part of the solution?” Read more in ‘A reflection’ by Rachael Masawi, RiverStone International’s Audit senior associate. Black History Month – A Reflection October is Black History Month – an annual celebration of the history, achievements, and contributions of black people in the UK. It’s a time to honour and celebrate black Britishness, black heroes, and black talent, as well as black creativity, drive, and passion. But it’s also a time to reflect, question, and learn. Due to the far-reaching effects of grave historic acts such as the slave trade, colonialism ,and, in more modern history, apartheid, many black people find themselves on the back foot. Whether that is socially, financially, or otherwise; black people have to contend for their place in society and have done so for decades with considerable success. We have reached the point where a lot of fundamental human rights that were not afforded to our ancestors are now taken for granted by Gen Z. As a black person, I do find this somewhat comforting, yet we are still a long way from achieving real equality with our white counterparts. So where are we now? Aided by initiatives such as the Equality Act 2010, black people, are now able to follow their dreams and open doors that our ancestors were not allowed to go through. Black men and women are in professional jobs, arts, and competitive sports that were previously “reserved” for white people. This is a huge step that would make the generation that fought for these rights proud. Yet, racism remains rife in society today, with black people, like me, still having to deal with it on a day-to-day basis. While it is easier to call out obvious acts of racism such as the killing of George Floyd which led to widespread Black Lives Matter protests in June 2020, many subtle forms of racism still hold society back from reaching true equality. For example: Microaggressions are best described as everyday verbal, non-verbal, and environmental slights, snubs, or insults, whether intentional or unintentional, which communicate hostile, derogatory, or negative messages to target persons based solely upon their marginalised group membership. For example, a colleague petting your hair or passing an umbrella negative comment about black people and ending the sentence with “…but not you.”. Although microaggressions may appear harmless to observers, too many of them are damaging. In this short 2-minute clip, they are likened to mosquito bites and explained well: What are 'Microaggressions'? | The University of Edinburgh Unconscious bias based on skin colour. A poll commissioned by ICM for the Guardian on the extent of racial bias faced by black, Asian, and minority ethnic citizens in Britain showed stark differences in how people of different ethnicities are treated in their daily lives. For instance, it found that ethnic minorities are three times as likely to have been thrown out of or denied entrance to a restaurant, bar, or club in the last five years, and 38% of people from ethnic minorities said they had been wrongly suspected of shoplifting in the last five years, compared to14% of white people[1]. Unequal pay for similar roles: A government review of the NHS basic pay showed that only staff from the black ethnic group had lower monthly basic pay than white staff. Black men were paid 84p for every £1 paid to white men, and black women were paid 93p for every £1 paid to white women.[2] Being passed over for promotion because people tend to hire and promote people who look like them. Deloitte’s 2020 Ethnicity Pay Report shows that only 6% of partners are from an ethnic minority background.[3] In addition, a recent LSE report showed that black women are the least likely to be among the UK’s top earners compared to any other racial or gender group. Overall, the biggest differences between black and white women in pay and representation in top jobs are in Banking, Finance, and Insurance.[4] Less than adequate care on maternity and neonatal wards. Women from ethnic minorities are at a higher risk of serious harm or death in pregnancy and childbirth.[5] Whilst many of these subtler acts might be done subconsciously and without thought, the effects are still the same. So, let’s face it, this is a heavy subject to tackle. But society only moves forward when we face issues such as these head-on, and together. I’m sure you may feel many emotions as you read this. Maybe you feel guilt, shame or defensive, or you are enlightened, and that’s okay. Perhaps you could channel those emotions into researching how you might play a part in helping our society become equal for people of all races. If you’re wondering where to start, the below reading list is a great resource. How to Be an Antiracist written by Ibram X. Kendi Natives: Race and Class in the Ruins of Empire written by Akala Why I'm No Longer Talking to White People About Race written by Reni Eddo-Lodge Me and White Supremacy: Combat Racism, Change the World, and Become a Good Ancestor written by Layla Saad Food for thought Are we stuck in the discussion stage where we spend too much time acknowledging issues but not on coming up with plausible and practical solutions? What actions can we take both now and ongoing to help advocate for racial equality? Are we doing enough to be part of the solution? Rachael Masawi Revealed: the stark evidence of everyday racial bias in Britain | Race | The Guardian NHS basic pay - GOV.UK Ethnicity facts and figures (ethnicity-facts-figures.service.gov.uk) https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/about-deloitte/deloitte-uk-ethnicity-pay-2020.pdf https://www.lse.ac.uk/News/Latest-news-from-LSE/2021/c-March-21/Black-women-are-least-likely-to-be-among-UKs-top-earners https://www.bbc.co.uk/news/education-57565364
  • October 6, 2021
    RiverStone at the 9th Street League and CVC Challenge Victory Cup in aid of Street League
    On September 24th RiverStone International participated for the first time in the 9th Street League & CVC Challenge Victory Cup – Euro 2021 edition in aid of Street League. The initiative helped raise an amazing £245,000+ for Street League. This year saw 33 teams taking part in the 5-a-side football tournament. The tournament had a Euros 2021 theme, with each team representing a country at the European Championships.  We were also delighted to be joined by football legends and TV pundits Glenn Hoddle and Chris Sutton who participated in a Q&A session and presented the awards. Corona virus and the associated lockdowns have made life even tougher for young people who are trying to kickstart their careers. Youth unemployment is at its highest level for decades and this lack of opportunity is having a negative effect on young people’s mental health, physical health, and confidence. To counter this, Street League is working harder than ever to support young people through these difficult times both during and post school years. The funds raised through this wonderful event will go towards:  New work in secondary schools, delivering sport and employability sessions to 14–16-year-olds most at risk of unemployment post school. The South London Academy (Bermondsey), supporting 16–24-year-olds with sport, employability skills and qualifications to help them find work. The ‘Aftercare support’ service across England, supporting young people in their first job for up to 12 months. The event took place at the Powerleague Shoreditch pitches, in London near Liverpool Street station.  Many CVC affiliates and partners participated in the event. Companies such as Barclays, Deutsche Bank, Goldman Sachs, Morgan Stanley, Domestic & General and PWC fielded a team for the event. RiverStone finished runners up in the tournament after a hard battle in the final against the Domestic & General team. This is a great achievement given that it was our first participation in the event and we were up against much bigger firms!
  • October 1, 2021
    Migration of operational activities supporting Syndicate 4000 (2018 and Prior Business) to RiverStone
    REINSURANCE TO CLOSE: HAMILTON TRANSFERS SYNDICATE 4000 (2018 AND PRIOR BUSINESS) TO RIVERSTONE Hamilton Managing Agency Limited (“Hamilton”), on behalf of Syndicate 4000, completed a Reinsurance to Close (“RITC”) for the 2018 and prior Years of Account with RiverStone Managing Agency's (“RiverStone”) Syndicate 3500 effective 01 January 2021. Hamilton will transition underwriting, claims, and reinsurance services for the transferring business to RiverStone on 1 October 2021. RiverStone's key contacts are: Kevin Regan (Underwriting) – all broker queries, endorsements, or information relating to profit commissions to be sent to S4000UWSupport@rsml.co.uk.  Bordereaux should be sent to Delegated@rsml.co.uk Robert Gregg (Claims) S4000Claims@rsml.co.uk Stephen Roberts (Reinsurance) S4000Reinsurance@rsml.co.uk Hazel Johnson (Internal Services Team) – any queries relating to direct placed business should be sent to S4000internalbroker@rsml.co.uk  
  • September 30, 2021
    RiverStone at IRLA: 60 second interview with Stephen Roberts
    Last week saw the return of the annual Insurance & Reinsurance Legacy Association (IRLA) congress in Brighton. Riverstone has been a supporter of IRLA since its inception and has always provided both membership support as well as IRLA Board support from our own executive, recognising that a strong and successful legacy market, which operates to a high regulatory standard and with an eye to fair competition, helps create a positive dynamic and draws both opportunity and professionals, including intermediaries, to our sector. Stephen Roberts is the current Chairman of IRLA having represented Riverstone on the Board for the last 5 years. We caught up with Stephen to gather his views on how it went.   How do you think the Legacy world reacted to the challenging last 18 months? Legacy had stood up and enhanced its reputation in lockdown with many legacy acquirers completing deals and attracting capital to the market. Although there have been tremendous logistical challenges, as we have experienced ourselves, as the live markets have reviewed their recent performance and sought legacy solutions, we have been there to provide the support and expertise required    How would you currently describe the state of the Legacy insurance market?  The market is buoyant and looking forwards to the challenges ahead - capital has shown an interest in the sector and 2020 - 2021 was very positive for deal completion; at congress we learned that over $15 billion of new business will have come to legacy in the 24 months to December 21!    Where do you see it going forwards?   I believe the market will continue to grow as a mature aspect of the wider insurance cycle and with both Lloyd's and composites recognising that the major acquirers, RiverStone amongst them, are sophisticated, secure, and operationally capable of providing both bespoke and "out of the box" solutions to their balance sheet and forwards underwriting requirements.    What was the main highlight of the Congress? The main highlight of congress was congress itself - for many, the first market / social event we have been able to attend since 2019!  
  • August 23, 2021
    CVC completes the acquisition of RiverStone Europe and appoints Preben Prebensen as Chair
    23 August 2021 Industry veteran Nick Packer will also join the Board of the business, which will now be known as RiverStone International CVC Capital Partners ("CVC") is pleased to announce that it has today completed the acquisition of RiverStone Europe from Fairfax Financial Holdings Limited ("Fairfax") and OMERS, the pension plan for Ontario's municipal employees. The RiverStone Europe Group will now operate under the name RiverStone International. RiverStone International is one of the largest global consolidators of non-life run-off insurance books, with a leading position in the UK and Lloyd's markets and over 20 years of experience helping insurers release capital, streamline their operations and reduce volatility. Since 2010 the company has completed 22 acquisitions of legacy non-life books from blue-chip insurers and today manages around US$4 billion of insurance reserves. RiverStone International is also pleased to announce the appointment of Preben Prebensen as independent non-executive Chair to the Group Board. Preben has over 40 years of experience in the financial services and insurance sectors, including 11 years as CEO of Close Brothers Group plc, the FTSE 250 merchant bank. He was also formerly the Chief Investment Officer and a member of the Group Executive Committee at Catlin Group, the international non-life insurer, and CEO at Wellington Underwriting, the specialist insurer. He brings strong leadership and significant experience to support RiverStone International’s ambitious growth plans as an independent company. Nick Packer will also join as an independent non-executive director to the Group Board. Nick is one of the co-founders of Enstar, the leading non-life run-off specialist, and subsequently served as Chief Operating Officer. He brings years of industry experience that will help to cement RiverStone International’s leading position within the global run-off insurance market. Luke Tanzer, Chief Executive Officer of RiverStone International, said "We are delighted to partner with CVC in this next chapter of our development, and look forward to pursuing our growth and development plans with the benefit of their extensive industry experience, global reach and long-term capital. We have continued to see strong growth and activity in the run-off insurance markets this year and are excited about our future plans. We thank Fairfax and OMERS for their fantastic support over the past years in helping us become an industry leader. We are also delighted to welcome Preben and Nick to our Group. They bring a wealth of experience and will be central to achieving our growth ambitions as a focused independent company." "I am pleased to be joining a company with such a strong proposition and reputation in the insurance sector as RiverStone International," Preben Prebensen, appointed Chair of RiverStone International added. "I look forward to working with Luke, his team and the rest of the Board to help the business fully realise its potential." "We're happy to have completed the acquisition of RiverStone International from Fairfax," said Peter Rutland, a Managing Partner and Head of Financial Services at CVC. "The company's leading position in its markets, embedded cash flows and predictable financial profile means it is ideally suited to our Strategic Opportunities platform. We're delighted to be supporting Luke and his team and, now with Preben and Nick on board, look forward to supporting their plans to accelerate the company’s value creation plan."   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, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases, acquiring over US$7 billion of liabilities since 2010 and with around US$4 billion of liabilities currently under management. RiverStone International’s highly skilled and tenured professionals employ ownership, accountability, commitment, and an open and flexible approach to all transactions to provide transactional certainty, deliver desired outcomes and maintain clients’ reputations. For further information about RiverStone International please visit: www.rsml.co.uk About CVC CVC is a leading private equity and investment advisory firm with a network of 24 offices throughout Europe, Asia and the US, with US$115 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$162 billion from some of the world's leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 440,000 people. For further information about CVC please visit: www.cvc.com. About CVC Strategic Opportunities The CVC Strategic Opportunities platform was established in response to growing demand from large investors to be able to invest longer term in stable, high-quality businesses. The platform provides partnership capital to make control, co-control and minority investments in companies with a longer term return profile and a secure capital structure, across both the private and public markets. For further information about CVC Strategic Opportunities please visit: www.cvc.com/strategic-opportunities. Further info: CVC Nick Board, Vice President Communications Tel: +44 20 7420 4240 Email: nboard@cvc.com RiverStone International Federica Aversa, Global Brand and Communications Manager Tel : +44 20 7398 4329 Email : federica.aversa@rsml.co.uk
  • June 2, 2021
    Migration of operational activities supporting Neon Syndicate 2468 to RiverStone
    The operational contacts for Neon Syndicate 2468 claims, underwriting and reinsurance have changed to RiverStone contacts from 01 June 2021. Kevin Regan (Underwriting) S2468UWSupport@rsml.co.uk Robert Gregg (Claims) S2468Claims@rsml.co.uk Duncan Lummis (Reinsurance) S2468Reinsurance@rsml.co.uk Subject to formal approval from Lloyd's, both parties are working towards a novation of the management of Syndicate 2468 from Neon Underwriting Limited to RiverStone Managing Agency Limited on 01 July.