January 14, 2014
Eagle Star Part VII Transfer Takes Effect
With effect from 23.59 on 31 December 2013 the general insurance business of Eagle Star Insurance Company Limited, Home and Overseas Insurance Company Limited and City of London Insurance Company Limited (including all policies, assets and liabilities) together with the benefit of all associated third party reinsurance contracts was transferred to RiverStone Insurance (UK) Limited.
June 3, 2013
Eagle Star Group Companies transfer general insurance porfolio to RiverStone Insurance (UK) Ltd
Zurich Insurance Group announced on 27 December 2012 that Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited (together the Eagle Star Companies), which are wholly owned by Zurich and based in the UK, had agreed to transfer their remaining general insurance business to RiverStone Insurance (UK) Limited under Part VII of the Financial Services and Markets Act 2000. In preparation for this, the management of claims, reinsurance and litigation relating to the general insurance business of the Eagle Star Companies, which was previously carried out by Capita Commercial Insurance Services Limited, was taken over by RiverStone Insurance (UK) Limited with effect from 1 June 2013.
Please note that the transfer does not involve any life, pension or employers liability policies.
March 1, 2013
RiverStone supports Macmillan Cancer Support for 2013
RiverStone employees seek to raise funds to support a different charity each year. This year RiverStone employees have chosen Macmillan Cancer Support as our charity for 2013. Macmillan provides support for cancer sufferers in a variety of different ways such as practical, medical and financial, suffers find their support invaluable throughout treatment.
June 18, 2012
Fairfax Announces Agreement With Brit Group to Acquire Brit Insurance Limited
TORONTO, ONTARIO--(Marketwire - June 18, 2012) -
(Note: All dollar amounts in this press release are expressed in U.S. dollars.)
Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) announces that its RiverStone runoff subsidiary has entered into an agreement with Brit Group to purchase all the outstanding shares of Brit Insurance Limited (BIL) of London, England, which wrote UK domestic, as well as some international, insurance and reinsurance before being placed into runoff earlier this year. The transaction, which is subject to customary conditions including regulatory approval, is expected to close in the fourth quarter of 2012.
At March 31, 2012, BIL's gross and net reserves were approximately $1.9 billion and $1.3 billion, respectively, its cash and invested assets were approximately $1.9 billion, and its book value was approximately $530 million.
RiverStone will purchase BIL at a discount to its book value, adjusted for certain pre-closing dividends. The purchase price for BIL is expected to be approximately $300 million, subject to certain adjustments at closing. The acquisition is expected to be financed using internal resources at RiverStone.
Prem Watsa, Chairman and Chief Executive Officer of Fairfax, said, "We think that this is an excellent acquisition by Nick Bentley and his experienced team at RiverStone. We continue to look for opportunities to grow profitably in the runoff area."
January 14, 2011
RiverStone completes deal to RITC Syndicate 376
RiverStone has completed its deal to reinsure-to-close (RITC) the open years of Syndicate 376. The syndicate has been under the control of Whittington Capital Management, and is one of the largest in run-off in the Lloyd's market. Syndicate 376 has gross liabilities of approximately $250mn, down from around $1bn.
Alleghany's Syndicate 376 collapsed on the Central Fund at the end of 2001 leading to losses for the market. It wrote a number of classes, including property and aviation reinsurance.
The Syndicate 376 RITC, along with376/2376 lines of business from 1993-2001, includes Syndicate 1183/2183 exposures from 1993-1999, Syndicate 1207 from 1996-1999 and Syndicate 1038 from 1993-1995.
We are now working with Whittington to embed376 through the first quarter, 376 has very good synergies for the group, with liabilities including World Trade Center risk and non-marine professional indemnity business. Reinsurance exposure amounts to around $100m. Some of the losses still within the 376 portfolio are very similar to our involvement in 506, our main aim is to return value to shareholders and 376 offers that opportunity.
We first looked at Syndicate 376 in June last year and beat a number of other legacy specialists to win the tender.
There has been a lot of RITC coming to market but we now expect a downturn in activity from Lloyd's. 2009-2010 has been frenetic for RITC activity, but there are not many opportunities of this size left in the Lloyd's run-off arena. We now continue to assess the potential impact of Solvency II modeling on portfolios and acquisition opportunities.
October 1, 2010
RiverStone deal takes open years for all corporate members for Syndicate 2112
RiverStone has taken on the open years of all corporate members for Syndicate 2112, Bank of America International Underwriters Limited with $30m gross liabilities. Syndicate 2112 comprises commercialgeneral liability written through cover holders in the US for small to medium sized builders, with minimal exposure to Chinese dry wall.