RiverStone reinsures Hamilton legacy liabilities
Legacy and runoff specialist RiverStone International has completed a reinsurance-to-close (RITC) transaction with Hamilton Managing Agency Limited. The RITC with Bermuda’s Hamilton Insurance Group subsidiary is for the legacy liabilities of the 2019 and prior years of account of Acappella Syndicate 2014.
With net technical provisions of over £200m, the RITC received Lloyd’s approval in early February.
RiverStone International will now work with Hamilton to transition the business operations over the coming months.
Luke Tanzer, chief executive officer of RiverStone International, said: “We are very pleased that Hamilton has again selected RiverStone as their partner for this transaction. This is further testament to our excellent reputation in the market and our ability to deliver legacy solutions for clients.”
The transaction was facilitated by Aon’s Reinsurance Solutions Capital Advisory team.
