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:
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."
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
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.