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RiverStone International in RITC transaction with MS Amlin

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Topics: Casualty Property - UK Run-Off / Legacy Strategy

RiverStone has completed an agreement with MS Amlin to undertake a split reinsurance-to-close 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.”

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