RiverStone is a principal sponsor to the May 2018 IRLA Congress
RiverStone Europe is proud to sponsor the Insurance and Reinsurance Legacy Association (IRLA’s) annual conference at the Grand Hotel Brighton from 14th-16th May 2018. Managing Director, Luke Tanzer is speaking on “Doing Business in the Future”, Claims Director Stephen Roberts is in a panel debate on “Current Claims Trends” and Head of Compliance Jamie Stacey debates “Diversity and the challenges and benefits of inclusion”. Other topics include the Global Economic Outlook, Restructuring, and a US and UK Liability Claims Review, chaired and attended by leading industry experts and practitioners. RiverStone has committed a large number of delegates at this years expanded conference and to IRLA’s agenda to help insurance and reinsurance legacy professionals to network, enhance learning and to innovate.
News by Year:
January 2, 2019
Novation of Advent syndicate to RiverStone
RiverStone is pleased to announce that with effect from 1 January 2019 all years of account of Lloyd’s Syndicate 780, which were under the management of Advent Underwriting Limited, have been novated to the management of RiverStone Managing Agency Limited.
RiverStone is also delighted to welcome 51 London-based colleagues who will transfer from Advent to RiverStone, bringing a wealth of experience and skills across all aspects of the business. The extended team will continue to work out of our London office at number 2 Minster Court.
This novation results from a strategic review by Advent of its business model in July 2018, with the consequent changes being implemented by Advent and RiverStone over the course of the 4th Quarter 2018.
For further information please contact:
RiverStone Managing Agency Limited
November 29, 2018
RiverStone was proud to sponsor the Broking Team of the Year award
RiverStone was proud to sponsor the Broking Team of the Year award at last week’s Insurance Day London Market Awards ceremony in memory of Brian Caudle, founder of Syndicate 780.
Brian was a long-term business partner and friend of RiverStone and its affiliates. He was awarded Insurance Day’s Lifetime Achievement Award at the Worldwide Reinsurance Awards in 2012 for his 60 years of service in the industry. Congratulations to AON Securities on winning this category.
November 27, 2018
RiverStone takes on a new historical disease liability book of business
Effective October 1st 2018 (re)insurer, RiverStone Insurance (UK) Limited (“RiverStone”) have taken on a new historical disease liability book of business from AXA Insurance UK plc (“AXA”)
AXA’s book of UK, Channel Islands and Isle of Man employers’ liability and public liability policies issued prior to 1st January 2002 will transfer to RiverStone, while disease claims related to AXA policies issued between the same date and 31st December 2014 will be reinsured by RiverStone.
This includes claims relating to mesothelioma, noise induced hearing loss (NIHL) and other industrial related diseases.
The transfer was sanctioned by the High Court on September 14th 2018 as an insurance business transfer pursuant to Part VII of the Financial Services and Markets Act 2000 (“Part VII Transfer”).
On October 1st 2018 Riverstone officially opened a new office in Ipswich Suffolk to accommodate 39 AXA Liabilities Managers’ employees who have transferred to the RiverStone Group. These employees were responsible for the day to day management and administration of the book of business for AXA and their transfer ensures continuity of service for customers.
This does not affect any other part of the AXA Liabilities Managers’ or AXA’s operations.
Nick Bentley, President of the RiverStone Group said:
“RiverStone are delighted to be have partnered with AXA on these transactions. We have worked closely and collaboratively with AXA to ensure that their strategic objectives are achieved, and through our responsible management and adherence to our core principle of treating customers and other stakeholders fairly, we will ensure that their excellent reputation is maintained. This is a ground-breaking achievement being the first significant Part VII transfer comprising solely Employers Liability and Public Liability policies. The timely completion of the Part VII is testament to RiverStone’s ability to design and execute complex finality solutions in accordance with our partners expectations and our own high standards.”
May 14, 2018
RiverStone at the 2018 Fairfax AGM
On April 26th, RiverStone attended the Fairfax Annual General Meeting held at the Roy Thomson Hall in Toronto, Ontario. Each year, Prem Watsa, founder, chairman and CEO of Fairfax invites representatives of all Fairfax companies and its shareholders to learn of prior year financial results and future initiatives.
For the first time, RiverStone had a booth at the event showcasing its new brand, complete with striking banners, information sheets, and branded swag. The event was a huge success as the booth drew attention and sparked conversation from shareholders and affiliates alike.
May 14, 2018
RiverStone Spirit Week raises $184,000 for Community Foodbanks
RiverStone cares not only about its associates, but also about the communities that it is a part of. The company gives back to those communities throughout the year and encourages associates to do the same. However, once a year, RiverStone dedicates a full Spirit Week to raise money for foodbanks in the three communities that it calls home: Manchester, NH, San Diego, CA and Atlanta, GA.
The theme for 2018’s event was Survivor. Three teams were formed to foster friendly competition with activities held throughout the week that promoted teamwork, creativity and fun to see which team could Outwit, Outplay and Outlast the others. Gauntlets were thrown, challenges were made and team-colored buffs were worn with pride. There was something for everyone, including daily outfit competitions (polka dots and stripes oh my!), lunch time School Yard games (hopscotch, penny tossing and Four Square), trivia (did you know that Mario was originally called “Jumpman”?) and an intense Lip Sync battle featuring a surprise appearance by ZZ Top (made up of our enthusiastic Executive Leadership team).
RiverStone successfully achieved 100% associate participation in the event and the week culminated with a fierce competition of Human Hungry Hungry Hippos featuring members of our fearless management team. While a lot of fun was had, the most amazing outcome was seeing the tremendous generosity of RiverStone associates. RiverStone matched associate donations 3-to-1 and the total that was raised came to just under $184,000! Considering that the foodbanks can provide multiple meals for every dollar raised, the donation will provide a significant contribution to help those in need.
December 4, 2017
UK Charity update.
Each year our associates choose a charitable cause local to each of our UK office locations to receive a donation from the Company. For 2017 the charity chosen by our Darlington office is The Great North Air Ambulance who bring pioneering pre-hospital care to hundreds of severely injured or ill patients every year. They have received a corporate donation of £11,000. The charity chosen by our London office is King’s College Hospital. Their corporate donation of £36,000 will help fund their Critical Care Unit. The charity chosen by our Brighton office is RISE who help those across Brighton, Hove and Sussex who have been affected by domestic abuse, giving them practical support to rebuild safer lives. They have received a corporate donation of £92,000.
Through associate donations which are triple matched by the Company, in addition to ad hoc corporate donations, we have also raised money for a variety of charities such as the British Heart Foundation, Alzheimer’s Society, Railway Children, Essex & Herts Air Ambulance Trust, National Literacy Trust, Cystic Fibrosis, Mind, Cancer Research UK and YoungMinds Trust.
The total raised by associates so far this year is £7,042 and the total matched or donated by RiverStone so far is £160,875.
July 29, 2016
DRI Northeast Regional Claims Conference
Craig Brown, Deputy General Counsel and Vice President, will be speaking at the second annual DRI Northeast Regional Claims Conference, September 20, 2016, at Hilton Hartford in Hartford, Connecticut. Mr. Brown will be speaking at the conference on September 20 at 2:00 pm in the session titled ‘Putting Your Best Foot Forward: How to Prepare the Corporate Witness’.
This one-day regional seminar is designed for in-house insurer counsel, claim professionals and their managers, and outside defense counsel in the Northeast who primarily handle insurance coverage matters or property and casualty claims. DRI will host a networking luncheon with moderated table discussions so that you can discuss what matters most to you. The program will be submitted for CE and CLE credit.
Looking forward to seeing you in Hartford!
July 29, 2016
National Asbestos Litigation Conference in San Francisco
I look forward to co-chairing the Perrin Conferences National Asbestos Litigation Conference in San Francisco. This year’s conference takes place on September 12-14, 2016 at the Fairmont San Francisco Hotel, hosted by Perrin Conferences, the leader in joint plaintiff/defendant litigation conferences.
I am co-chairing the conference with Perry J. Browder, Esq., of Simmons Hanly Conroy LLC, John B. Manning, Esq., of Manion Gaynor & Manning LLP and Joseph F. Rice, Esq., of Motley Rice LLC.
This annual event-which has grown continuously in size and stature- provides a forum for all parties affected by asbestos litigation. Representing a dynamic range of views and opinions on relevant topics and trends, conference panelists and attendees include many of the nation’s leading plaintiff and defense attorneys, judges, insurance professionals, in-house counsel, and scientific and medical experts.
It is a ‘must attend’ for all asbestos litigation practitioners. This three-day conference will be approved for 16-19 CLE and CE Adjuster credit hours depending on the state needed.
To view the complete agenda and to register, visit here.
Perrin Conferences offers complimentary registrations for in-house counsel and insurance company professionals. They also offer discounted registration rates for law firms who send multiple attendees. Please contact Lynnsey Perrin with any questions regarding registration.
My fellow co-chairs and I look forward to seeing you in September in San Francisco.
July 14, 2016
Merger: American Safety Casualty Insurance Company & American Safety Indemnity Company have merged with and into TIG Insurance Company
Effective June 30, 2016, Both American Safety Casualty Insurance Company (“ASCIC”) and American Safety Indemnity Company (“ASIC”) have merged with and into TIG Insurance Company, a California domiciled stock insurer.
June 7, 2016
RiverStone participation at the 2016 IRLA Congress
RiverStone is a proud sponsor of the IRLA 2016 Annual Congress in Brighton from the 13th to the 15th June 2016 and is pleased to announce a number of our senior management leading and engaged in key sessions across the event: Luke Tanzer, Managing Director is on panel reprising industry events in 2015 and Stephen Roberts, RiverStone Europe’s Claims Director will be chairing a panel discussion considering future claims and risks.
In view of the imminent Brexit vote, IRLA will be hosting a lunchtime debate compared by our Syndicate Claims Manager James Blake with a view to establishing the view of congress on this important National decision before the Nation votes on the 23rd June.
June 6, 2016
RiverStone to Sponsor IRLA Annual Congress 2016
RiverStone will once again be sponsoring and attending the IRLA Annual Congress from the 13th to 15th June 2016 in Brighton Please follow this link for further details:
May 31, 2016
Kalpana Shah, a non-executive director of RiverStone Insurance (UK) Limited and RiverStone Managing Agency Limited, has been included in the inaugural UPstanding list
RiverStone is proud to announce that Kalpana Shah, a non-executive director of RiverStone Insurance (UK) Limited and RiverStone Managing Agency Limited, has been included in the inaugural UPstanding list. The list was created in partnership with the Financial Times and features 100 UK and US executives who have reached senior roles in business whilst also fighting discrimination and championing ethnic diversity and inclusion. Further information and the complete list are available at http://www.audeliss.com
November 4, 2015
Stephen Roberts has been elected to the Board of directors of the Insurance & Reinsurance Legacy Association (“IRLA”)
RiverStone Management Limited are very pleased to announce that Stephen Roberts, Claims Director of RiverStone Management Limited, has been elected to the Board of directors of the Insurance & Reinsurance Legacy Association (“IRLA”). Stephen is a strong advocate of a professional legacy market and IRLAs promotion of the legacy market and lifelong learning in insurance resonate strongly with him and within RiverStone. Stephen has actively participated in many of the association’s event and initiatives designed to promote legacy business within the London Market and beyond. Stephen said, “In tandem with my responsibilities at RiverStone and involvement with the CII, election to the Board of IRLA helps me to deliver a dynamic contribution to the development of the legacy market” For more information about IRLA, please visit:
May 6, 2015
RiverStone participation at the 2015 IRLA Congress
RiverStone is a proud sponsor of the IRLA 2015 Annual Congress and is pleased to have a number of key members of its UK and US management teams leading sessions. Luke Tanzer, Managing Director will be participating in the ‘Insurance Insider round table’ discussion, and Fraser Henry, Director, General Counsel & Company Secretary, and John Bator, Chief Financial Officer and Senior Vice President of World-wide Run-off will be participating in panel discussions on ‘What is Happening in Regulation?’ and ‘Key issues in the EU and US Jurisdictions’ respectively. In addition, Richard Fabian, General Counsel, Director of Litigation & Senior Vice President will be presenting the ‘US Asbestos: The past is not the future’ session.
April 28, 2015
RiverStone nominated for the “Run-off Company of the year”
RiverStone is very proud to be nominated for the “Run-off Company of the year” award at the Reactions London Market Awards to be held in London on Thursday 25 June 2015.
April 14, 2015
RiverStone will once again be sponsoring and attending the IRLA Annual Congress from the 6th to 8th May in Brighton
RiverStone will once again be sponsoring and attending the IRLA Annual Congress from the 6th to 8th May in Brighton
Please follow this link for further details:
March 24, 2015
RiverStone assumes responsibility for portfolio of U.S. liability business
In March 2015 RiverStone Insurance (UK) Limited assumed economic and administrative responsibility for a portfolio of U.S. liability business which consists primarily of asbestos, pollution and health hazard claims.
December 30, 2014
RiverStone assumes responsibility for Italian medical malpractice portfolio
In December 2015 RiverStone Insurance (UK) Limited assumed economic and administrative responsibility for an Italian medical malpractice portfolio.
September 1, 2014
Assumption of portfolio from Brit
In October 2012, RiverStone Holdings Limited acquired the issued share capital of Brit Insurance Limited (which subsequently changed its name to RiverStone Insurance Limited). Under the terms of the acquisition, the Brit group retained control of certain classes of business via a reinsurance agreement. RiverStone had the right, exercisable from April 2014, to commute this reinsurance arrangement. We are pleased to announce that in August 2014 RiverStone Insurance reached agreement with Brit to novate this reinsurance agreement and assumed control of this portfolio, which has reinsured liabilities of approximately £190 million.
June 12, 2014
RiverStone wins industry award
RiverStone Europe was proud to win the “Run-Off Company of the year” award at the prestigious Reactions London Market Awards, held at the Grange Tower Bridge Hotel on Wednesday 11 June 2014.
March 19, 2014
RiverStone Hits Charity Target for 2013!
Each year, the employees in the RiverStone Europe group choose a charity to support with their fund-raising activities. For 2013 the chosen charity was Macmillan Cancer Support.
The target fundraising amount for the year was £10,000, but after a fantastic year of charity events and fundraising RiverStone are pleased to announce that the total amount raised in aid of Macmillan was an incredible £24, 790.
RiverStone would like to thank everyone who generously donated, each donation was greatly appreciated. Also, thank you to everyone who was involved in organising the activities and for those who took part for their hard work and support in helping us exceed our target!
January 14, 2014
Eagle Star Part VII Transfer Takes Effect
With effect from 23.59 on 31 December 2013 the general insurance business of Eagle Star Insurance Company Limited, Home and Overseas Insurance Company Limited and City of London Insurance Company Limited (including all policies, assets and liabilities) together with the benefit of all associated third party reinsurance contracts was transferred to RiverStone Insurance (UK) Limited.
December 1, 2013
RiverStone has moved to new London offices…..
Our new address is:2nd floor,
2 Minster Court,
020 7398 4200
November 11, 2013
Eagle Star Part VII approved
In December 2012, Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited (together “Eagle Star”) announced their intention to transfer their general insurance business to RiverStone Insurance (UK) Limited under Part VII of the Financial Services and Markets Act 2000. On 8 November 2013, the High Court approved the proposed transfer. As a result, Eagle Star’s general insurance business (including all policies, assets and liabilities) together with the benefit of all associated third party reinsurance contracts will transfer to RiverStone Insurance (UK) Limited on 31 December 2013.
October 4, 2013
A big thank you!
A big thank you to everyone who generously supported the team at RiverStone UK in our recent Transatlantic Sports Challenge against our sister office in New Hampshire, USA, all of your donations were very much appreciated.
Between our 3 offices in Darlington, London and Brighton we rowed, ran, swam, walked and cycled a total of 966 miles. More importantly we will have raised over £15,000 for Macmillan, our chosen charity this year, when donations, gift aid and some very generous matching of employee donations by RiverStone are taken into account. As a result Macmillan can help many more people with their fight through cancer.
Our colleagues in the US also put a tremendous amount of work into fundraising for their chosen charity, which helps disabled and disadvantaged children. We’d agreed to compete with them to see who could raise the most money for our respective charities. It would be immodest of us to say who won, suffice to say that we’re happy to let them have another crack at the title next year.
August 12, 2013
Transfer of Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited to RiverStone Insurance (UK) Limited
Part VII transfer
Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited are proposing to transfer their remaining general insurance business to RiverStone Insurance (UK) Limited under Part VII of the Financial Services and Markets Act 2000. To find out more about the transfer and access documents relating to it, please go to www.esitransfer.com.
If you have any comments or queries, or feel you may be adversely affected by the proposed transfer, please contact us using one of the following methods:
F.A.O Fraser Henry
RiverStone Insurance (UK) Limited
161-163 Preston Road
By Phone: 01273 792475
Please mark in the subject header: The Eagle Star Transfer
July 8, 2013
Each year, the employees in RiverStone’s UK companies choose a charity to support with their fund-raising activities. This year we have chosen Macmillan Cancer Support. From its early beginnings in 1911, Macmillan Cancer Support has grown to become the largest cancer care and support charity in the UK. They provide nurses and therapists to help cancer suffers through treatment, advisers to tell them which benefits they’re entitled to, volunteers to give them a hand with the everyday things and campaigners to push for better cancer care. Please help us raise funds for Macmillan to continue to make this possible.
On Friday 20th September 4 teams from RiverStone will be walking, running, cycling, swimming and rowing as far as they can to raise money for Macmillan. Between us we will be completing a massive 154 mile walk, cycling 416 miles, running 132 miles, swimming 22,400 metres (that’s almost 900 lengths of a pool) and finally also rowing 70,000 metres – all in a day! Then at the end of that challenge we will compare our fundraising efforts against our colleagues in RiverStone’s US office who are also completing various sports to raise money on the same day.
Between them, the 4 RiverStone teams in the UK are aiming to raise £6,000 for Macmillan. Please help us to reach our target by donating through our JustGiving pages at:
Donating through JustGiving is simple, fast and totally secure. Your details are safe with JustGiving – they’ll never share them with anyone or send you unwanted emails. Once you donate, they’ll send your money directly to Macmillan. They’ll make sure Gift Aid (an additional 25%) is reclaimed on every eligible donation by a UK taxpayer, too.
One in three of us will get cancer and it’s the toughest fight most of us will ever face. By joining Team Macmillan in this fundraising event you’re helping support people and their families living with cancer. So please dig deep and donate now.
June 3, 2013
Eagle Star Group Companies transfer general insurance porfolio to RiverStone Insurance (UK) Ltd
Zurich Insurance Group announced on 27 December 2012 that Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited (together the Eagle Star Companies), which are wholly owned by Zurich and based in the UK, had agreed to transfer their remaining general insurance business to RiverStone Insurance (UK) Limited under Part VII of the Financial Services and Markets Act 2000. In preparation for this, the management of claims, reinsurance and litigation relating to the general insurance business of the Eagle Star Companies, which was previously carried out by Capita Commercial Insurance Services Limited, was taken over by RiverStone Insurance (UK) Limited with effect from 1 June 2013.
Please note that the transfer does not involve any life, pension or employers liability policies.
March 1, 2013
RiverStone supports Macmillan Cancer Support for 2013
RiverStone employees seek to raise funds to support a different charity each year. This year RiverStone employees have chosen Macmillan Cancer Support as our charity for 2013. Macmillan provides support for cancer sufferers in a variety of different ways such as practical, medical and financial, suffers find their support invaluable throughout treatment.
December 21, 2012
RiverStone agree to acquire non-life insurance operations of Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited
On 21 December 2012 RiverStone Insurance (UK) Limited entered into an agreement with Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited to reinsure and ultimately acquire their non-life insurance operations.
June 18, 2012
Fairfax Announces Agreement With Brit Group to Acquire Brit Insurance Limited
TORONTO, ONTARIO–(Marketwire – June 18, 2012) –
(Note: All dollar amounts in this press release are expressed in U.S. dollars.)
Fairfax Financial Holdings Limited (“Fairfax”) (TSX:FFH)(TSX:FFH.U) announces that its RiverStone runoff subsidiary has entered into an agreement with Brit Group to purchase all the outstanding shares of Brit Insurance Limited (BIL) of London, England, which wrote UK domestic, as well as some international, insurance and reinsurance before being placed into runoff earlier this year. The transaction, which is subject to customary conditions including regulatory approval, is expected to close in the fourth quarter of 2012.
At March 31, 2012, BIL’s gross and net reserves were approximately $1.9 billion and $1.3 billion, respectively, its cash and invested assets were approximately $1.9 billion, and its book value was approximately $530 million.
RiverStone will purchase BIL at a discount to its book value, adjusted for certain pre-closing dividends. The purchase price for BIL is expected to be approximately $300 million, subject to certain adjustments at closing. The acquisition is expected to be financed using internal resources at RiverStone.
Prem Watsa, Chairman and Chief Executive Officer of Fairfax, said, “We think that this is an excellent acquisition by Nick Bentley and his experienced team at RiverStone. We continue to look for opportunities to grow profitably in the runoff area.”
January 17, 2012
RITC of Syndicate 3330
RiverStone is pleased to announce that with effect from 1 January 2012, the 2009 year of account of Syndicate 3330 has been transferred by means of a Reinsurance to Close into Syndicate 3500. RiverStone Managing Agency Limited is the managing agent of Syndicate 3500.
The Syndicate 3330 business transferring to Syndicate 3500 encompasses the following underwriting years and original component syndicates:
|Original Syndicate Number
||Year(s) of Account (inclusive)
|2||1993 – 2002|
|49||1993 – 1995|
|187||1993 – 2002|
|189||1993 – 1994|
January 17, 2012
Novation of Centrewrite syndicates to RiverStone
RiverStone is pleased to announce that with effect from 1 January 2012, the 1999, 2000 and 2001 years of account of Syndicate 535 and the 1997, 1998 and 1999 years of account of Syndicate 1204 that were previously reinsured to close into Centrewrite Limited have been novated to Syndicate 3500, which is managed by RiverStone Managing Agency Limited. The effect of this novation is as if these years of account of Syndicates 535 and 1204 had originally been reinsured to close into Syndicate 3500 instead of Centrewrite.
For further information please contact:Luke Tanzer
RiverStone Managing Agency Limited
Luke.Tanzer@rsml.co.uk Alice Gac
November 23, 2011
RiverStone continue to raise money for Rockinghorse charity
The staff at RiverStone have so far raised £3,414 for the Rockinghorse charity over the last few months. The money has been raised from various activities including a challenging sponsored walks on the south downs, the great south run, cake making and a management ‘Come Dine with Me’ competition.
Fundraising activities will continue until our employees raise enough money to enable to acquire a Pain Distractor system for use at the Royal Alexander children hospital in Brighton
Rockinghorse is a charity that aims to make life better for sick and disabled babies, children and teenagers in Sussex, Surrey and South London.
March 25, 2011
RiverStone staff raise money for Comic Relief 2011
Comic Relief 18th March 2011
The staff at Riverstone have managed to raise a grand total of £671.11 through various fundraising activities on Friday 18th, these included raffles, sweepstakes, cake sales and a crazy golf competion. The company has agreed to match their efforts taking the total contribution to £1,350
March 22, 2011
Syndicate 376 operations
The business of Syndicate 376 has been managed by Whittington Capital Management Limited since 2004. However, with effect from 1 January 2011 Syndicate 376 has been reinsured to close into Syndicate 3500. RiverStone Managing Agency Limited is the managing agent of Syndicate 3500.
RiverStone Managing Agency Limited, and its service company RiverStone Management Limited, will be managing the ongoing business of Syndicate 376 with effect from 1 April 2011.
As a result, with effect from 1 April 2011 please address all correspondence relating to Syndicate 376 (or any of its predecessor syndicates) to one of the following in the first instance:
James BlakeRiverStone Management Limited
2nd Floor, Mint House
77 Mansell Street
London E1 8AF
020 7977 1600
Reinsurance and credit control:
Mark BannisterRiverStone Management Limited
161-163 Preston Road
Brighton BN1 6AU
Veronique ChenuRiverStone Management Limited
2nd Floor, Mint House
77 Mansell Street
London E1 8AF
020 7977 1606
January 25, 2011
RiverStone to sponsor the Association of Run off Companies annual congress
RiverStone will once again be sponsoring and attending the Association of Run off Companies annual congress.
Please follow this link for further details:
January 14, 2011
RiverStone completes deal to RITC Syndicate 376
RiverStone has completed its deal to reinsure-to-close (RITC) the open years of Syndicate 376. The syndicate has been under the control of Whittington Capital Management, and is one of the largest in run-off in the Lloyd’s market. Syndicate 376 has gross liabilities of approximately $250mn, down from around $1bn.
Alleghany’s Syndicate 376 collapsed on the Central Fund at the end of 2001 leading to losses for the market. It wrote a number of classes, including property and aviation reinsurance.
The Syndicate 376 RITC, along with376/2376 lines of business from 1993-2001, includes Syndicate 1183/2183 exposures from 1993-1999, Syndicate 1207 from 1996-1999 and Syndicate 1038 from 1993-1995.
We are now working with Whittington to embed376 through the first quarter, 376 has very good synergies for the group, with liabilities including World Trade Center risk and non-marine professional indemnity business. Reinsurance exposure amounts to around $100m. Some of the losses still within the 376 portfolio are very similar to our involvement in 506, our main aim is to return value to shareholders and 376 offers that opportunity.
We first looked at Syndicate 376 in June last year and beat a number of other legacy specialists to win the tender.
There has been a lot of RITC coming to market but we now expect a downturn in activity from Lloyd’s. 2009-2010 has been frenetic for RITC activity, but there are not many opportunities of this size left in the Lloyd’s run-off arena. We now continue to assess the potential impact of Solvency II modeling on portfolios and acquisition opportunities.
October 1, 2010
RiverStone deal takes open years for all corporate members for Syndicate 2112
RiverStone has taken on the open years of all corporate members for Syndicate 2112, Bank of America International Underwriters Limited with $30m gross liabilities. Syndicate 2112 comprises commercialgeneral liability written through cover holders in the US for small to medium sized builders, with minimal exposure to Chinese dry wall.
March 1, 2006
Changes to proposed Scheme – Revision
RiverStone Management Limited on behalf of the Companies has today the 20th March 2006 sent a revised Practice Statement Letter to policyholders and brokers updating them of changes to the proposed Scheme.
For a copy of the amended PSL please see the Documents Section
June 23, 2005
Changes to proposed Scheme
RiverStone Management Limited on behalf of the Companies has today 23rd June 2005 sent a Practice Statement Letter (“PSL”) to policyholders and brokers advising them of the proposed Scheme.
For a copy of the PSL please see the Documents Section.