Exclusive agreement with Argo Global to complete a reinsurance-to-close (RITC) transaction
RiverStone UK is pleased to announce that we have entered into an exclusive agreement with Argo Global, the Lloyd’s insurer and member of Argo Group, to complete a reinsurance-to-close (RITC) transaction of the 2017 and prior years of account for Syndicate 1200.
Upon completion, RiverStone UK will undertake the RITC of ArgoGlobal’s Syndicate 1200 for 2017 and its prior years with net technical provisions of £356M.
The transaction is expected to receive regulatory approval in the fourth quarter of 2020, with the RITC becoming effective on 1 January 2021.
“We are very pleased that Argo has selected RiverStone as their partner for this transaction.” said Luke Tanzer, RiverStone’s UK Managing Director. “We have worked closely with Argo to ensure their strategic objectives are achieved through this transaction, and we will ensure Argo’s insureds continue to receive the highest possible level of service. This signing reinforces RiverStone’s competitive edge and outstanding reputation in the market.”