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