RiverStone in $266m split RITC deal with MS Amlin Underwriting
Legacy and runoff specialist RiverStone International has agreed to a split reinsurance-to-close (RITC) transaction for specialty re/insurer MS Amlin Underwriting.
The transaction relates to MS Amlin Underwriting's UK property and casualty portfolio of the 2019 and prior years of account.
Additionally, the companies have agreed a 100% quota share arrangement in respect of the 2020 year of account for the same lines of business.
RiverStone will undertake the split RITC through its specialist legacy syndicate 3500.
The transaction became effective on January 1, 2022, with net technical provisions of $266 million.
Phil Green, chief financial officer of MS Amlin Underwriting, said: “This arrangement with RiverStone International helps us along our journey of transformation, by providing greater operational and financial simplicity for our business.”
Andy Creed, chief financial officer of RiverStone International, commented: “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.”
