The main activity of RHL is that of a UK holding company for subsidiaries of the RiverStone Europe group.
RHL has two primary run-off subsidiaries, RiverStone Insurance (UK) Limited (“RIUK”) and RiverStone Insurance Limited (“RIL”). In addition RHL participates in the Lloyd’s market through RiverStone Corporate Capital, which is the sole corporate member of Lloyd’s Syndicate 3500.
The operations of RHL are managed by two managing agents. RHL’s non-Lloyd’s business is managed by RiverStone Management Limited(“RSML”) and RHL’s Lloyd’s related business is managed by RiverStone Managing Agency Limited (“RSMA”).
RIUK is authorised to carry on all types of general insurance business and is engaged in the run-off of the assets and liabilities associated with its various portfolios of insurance and reinsurance.
RIUK provides full reinsurance protection to Syndicate 3500.
RIUK has successfully completed a number of consolidations using transfers under Part VII of the Financial Services and Markets Act 2000 and other legal mechanisms and is one of only two companies to have had their Part VII transfers legally recognised in the U.S. Additionally, RIUK has participated in a number of solvent schemes of arrangement of specific portfolios and has considerable expertise in addressing large and complex legal matters, as demonstrated by success in Sphere Drake Insurance vs EIU, Stirling Cooke Brown, and others.
Following the completion of a strategic review by its previous parent company, RIL ceased writing new business during 2012. It is now in run-off and was acquired by RHL in October 2012, following which the company changed its name from Brit Insurance Limited to RIL.
RIL is authorised to carry on all classes of general insurance business and it is now engaged in the run-off of the assets and liabilities associated with the insurance and reinsurance previously written by RiverStone Insurance Limited under its former name, Brit Insurance Limited.
Syndicate 3500 was originally formed for the purpose of accepting the reinsurance to close of the 2000 and prior years of Syndicate 271 and the 2001 and prior years of account of Syndicate 506. Subsequently Syndicates 2112, 376, 3330, 535 and 1204 have all been reinsured to close into Syndicate 3500.
All of Syndicates 3500’s liabilities are fully reinsured by RIUK.