In March 2015 RiverStone Insurance (UK) Limited (“RIUK”) assumed economic and administrative responsibility for a portfolio of U.S. liability business consisting primarily of asbestos, pollution and health hazard claims.
In August 2014 RiverStone Insurance Limited (“RIL”) assumed £190 million in reinsurance liabilities following the novation of a reinsurance agreement with the Brit Group under which certain classes of insurance business had been retained by the Brit Group following the acquisition of RIL in 2012.
In December 2014 RIUK assumed economic and administrative responsibility for an Italian medical malpractice portfolio.
In January 2013 RiverStone Holdings Limited (“RHL”) completed the liquidation of Sphere Drake Insurance Limited.
At the end of 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 (the “Eagle Star Business”) was transferred into RIUK under Part VII of the Financial Services and Markets Act 2000 (“FSMA”).
In 2012 Syndicate 3330 and Syndicate 2112 were reinsured-to-close into Syndicate 3500.
Also in 2012 Syndicate 3500 completed a novation of Syndicates 535 and 1204 into Syndicate 3500.
In October 2012 RHL acquired the entire share capital of Brit Insurance Limited, which was then renamed RIL.
In December 2012 the Eagle Star Business was reinsured into RIUK.
In January 2011 RiverStone Managing Agency Limited (“RSMA”) completed the reinsurance to close of the open years of Syndicate 376 into Syndicate 3500.
In October 2010 RHL acquired the corporate underwriting member for Lloyd’s Syndicate 2112.
On 29 May 2009 QBE Run Off Limited’s identified Australian policies with Sphere Drake Insurance Limited’s Australian branch were transferred into RIUK.
In January 2005, RIUK acquired the business of a French reinsurer, Compagnie de Reassurance d’Ile de France (“Corifrance”).
In 2004, RHL continued the consolidation of its operations through a transfer under Part VII of FSMA under which of most of the liabilities of Sphere Drake Insurance Limited and business from 12 other companies (listed below) transferred into RIUK.
Under a separate transfer under Part VII of FSMA, certain policies from Connie Lee Insurance Company and AGF Insurance Limited were transferred into RIUK in 2004.
RIUK completed a transfer under Part VII of FSMA from Lakewood Insurance Company Limited on 15 December 2003.
In 2003, RHL formed Syndicate 3500 at Lloyd’s to acquire open years of account within the Lloyd’s market. At the same time as the creation of this run-off syndicate, RHL acquired through a reinsurance-to-close the open years of account of Syndicate 271 and of Syndicate 506.
RHL acquired Kingsmead Underwriting Agency Limited (renamed RSMA) to form its own managing agency at Lloyd’s in late 2003. RSMA is responsible for Syndicate 3500. This transaction, including reinsurance into RIUK and the formation of a syndicate dedicated to run-off business, at the time represented a new approach within the Lloyd’s market for the management and resolution of open years of account.
The remaining business of ORG Re (UK) Limited (“ORG Re”) was transferred into RIUK on 31 December 2002 under Section III Part VII of FSMA.
The entire non-life portfolio of the French company Compagnie Transcontinentale de Reassurance (“CTR”) was transferred into RIUK on 21 November 2002 followed by the dissolution of CTR under section 1844-5 of French Civil Code.
The entire insurance portfolio of Sphere Drake (Bermuda) Limited was transferred into RIUK on 30 December 2002 under a scheme of arrangement sanctioned by the High Court of Bermuda and the High Court of England and Wales.
With effect from 31 December 2002 the majority of the business of RiverStone Stockholm Insurance Corporation (formerly named Skandia International Insurance Corporation) was transferred into RIUK.
In 21 December 2001 the general business of ORG Re (excluding its pool business) was transferred into RIUK.
In 2000 RHL acquired RIUK (formerly known as Dai-Tokyo Insurance Company (U.K.) Limited).
By the end of 1999 Sphere Drake Insurance Limited had been placed into run-off.
Sphere Drake Insurance Limited and Skandia International Insurance Corporation were acquired by Fairfax Financial Holdings Limited in 1997 and 1998, respectively.