Hamilton Managing Agency (HMA), a wholly-owned subsidiary of Hamilton Insurance Group, has completed a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000 with RiverStone Europe.
The transaction transfers legacy Pembroke business that remained with Liberty Mutual Group following Hamilton’s acquisition of Pembroke and Syndicate 4000 in August 2019.
This RITC has net technical provisions of over £370 million received Lloyd’s approval in early February, with the RITC taking effect from January 1, 2021.
RiverStone Europe will now work with Hamilton to transition the business operations over the coming months.
Luke Tanzer, RiverStone Europe’s managing director, said: “We have worked closely with [Hamilton and Liberty] to ensure their strategic objectives are achieved through this RITC, and we will ensure that all stakeholders continue to receive the highest possible level of service.”
Adrian Daws, chief executive officer of HMA, called the transaction “the final act of what has been a transformational deal for Hamilton.”
He added: “As we complete the integration of our acquired operations from Liberty, we’re well-positioned to continue to focus on our long-term development in building a global, diversified specialty insurance and reinsurance franchise.”
Hamilton Managing Agency, RiverStone Europe, Syndicate 4000, Liberty Mutual, Luke Tanzer, Adrian Daws