ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has entered a reinsurance-to-close (RITC) transaction with legacy specialist RiverStone.
Upon completion of the transaction, RiverStone will undertake an RITC of ArgoGlobal’s Syndicate 1200 for 2017 and prior years with net technical provisions of £356 million.
Matt Harris, group head of international operations at Argo Group, said the transaction will enable Argo to redeploy capital and create greater long-term value for our shareholders. “This is another important milestone in the company’s strategy to simplify the business, reduce expenses and streamline operations to ensure we are as efficient as possible,” he added.
The transaction is expected to receive regulatory approval in Q4 2020, with the RITC becoming effective on January 1, 2021.
Luke Tanzer, RiverStone’s UK managing director, said: “We have worked closely with Argo to ensure their strategic objectives are achieved through this transaction, and we will ensure Argo’s insureds continue to receive the highest possible level of service.”
ArgoGlobal, Argo Group, Riverstone, Matt Harris, Luke Tanzer