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.”