RiverStone completes exclusive agreement with Hamilton Managing Agency Limited
London, 05 March
RiverStone Europe is pleased to announce that it has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency Limited, a wholly-owned subsidiary of Hamilton Insurance Group, Ltd. (“Hamilton”). The transaction transfers legacy Pembroke business that remained with Liberty Mutual Group following Hamilton’s acquisition of Pembroke and Syndicate 4000 in August 2019.
This RITC with net technical provisions of over £370 million, received Lloyd’s approval in early February, with the RITC becoming effective from 1 January 2021. RiverStone Europe will now work with Hamilton to transition the business operations over the coming months.
“We are very pleased that Hamilton and Liberty selected RiverStone Europe as their partner for this transaction.”, said Luke Tanzer, RiverStone Europe’s Managing Director. “We have worked closely with them to ensure their strategic objectives are achieved through this RITC, and we will ensure that all stakeholders continue to receive the highest possible level of service. The completion of this transaction reinforces RiverStone Europe’s competitive edge and outstanding reputation in the market.”
“This transaction is the final act of what has been a transformational deal for Hamilton,” said Adrian Daws, CEO, Hamilton Managing Agency Limited*. “As we complete the integration of our acquired operations from Liberty, we’re well-positioned to continue to focus on our long-term development in building a global, diversified specialty insurance and reinsurance franchise.”
*Subject to regulatory approval.