24 February 2022
RiverStone International, the industry-leading acquirer and reinsurer of legacy and discontinued insurance business, has completed an agreement with MS Amlin Underwriting Limited to undertake a split reinsurance-to-close (RITC) transaction of the UK property and casualty portfolio of the 2019 and prior years of account of MS Amlin’s syndicate 2001. In addition, the companies have agreed a 100% quota share arrangement in respect of the 2020 year of account for the same lines of business,
RiverStone International will undertake the split RITC through its specialist legacy syndicate 3500. The RITC became effective on 1 January 2022, with net technical provisions of US$266 million.
Andy Creed, Chief Financial Officer of RiverStone International, said:” We are delighted that MS Amlin has chosen RiverStone to help deliver its strategic aims. This signing further reinforces our competitive edge and the trust that key players in the market have in us. We will ensure that MS Amlin’s excellent reputation is maintained, and their insureds continue to receive the highest possible level of service.”
Phil Green, Chief Financial Officer, MS Amlin Underwriting Limited said: “This arrangement with RiverStone International helps us along our journey of transformation, by providing greater operational and financial simplicity for our business.”
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 MS Amlin
MS Amlin Underwriting Limited is a leading global (re)insurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd’s, UK, Middle East, and Asia markets. With a 300-year record, MS Amlin delivers a quality service for businesses facing the most complex and demanding risks. Our role places us at the forefront of the Property & Casualty, Marine and Reinsurance markets.
MS Amlin are experts in underwriting, with both technical capability and deep knowledge of the areas we insure. Our claims service aims to set the industry reference point for quality, with efficient, fair and timely claims management.
Federica Aversa, Global Brand and Communications Manager
Tel : +44 20 7398 4329
For MS Amlin
Shipra Khanna / Gina Magnin: +44 (0)7866 822 205 / +44 (0)7815 585 751