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.