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.”
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