RiverStone International completes RITC and LPT transactions with MS Amlin

RiverStone International, the industry-leading acquirer and reinsurer of legacy and discontinued insurance business, has completed an agreement with MS Amlin Underwriting Limited to provide MS Amlin Syndicate 2001 (“MS Amlin”) with a Reinsurance-to-close (“RITC”) of the 2018 and prior years of account, and a Loss Portfolio Transfer reinsurance (“LPT”) of specific discontinued classes in the 2019 to 2021 years of account. The RITC portion will be a ‘Split’ RITC as the 2018 and prior years of account have already been closed into MS Amlin’s 2020 year of account.

RiverStone International will undertake the split RITC and LPT through its specialist legacy syndicate 3500. The RITC and LPT became effective on 1st January 2023, with net technical provisions of £1.2 billion.

David Rocke, Group Head of M&A of RiverStone International, said: “We are delighted that MS Amlin has once again chosen RiverStone International as its partner in meeting its strategic aims. This transaction further reinforces the trust key counterparties in the market have in us. We will ensure that MS Amlin’s excellent reputation is maintained, and their insureds continue to receive the highest possible level of service.”

Andrew Carrier, MS Amlin CEO, said: “I am delighted we have completed this landmark transaction, which includes the largest third-party RITC in Lloyd’s history. Through this transaction, we create the space to concentrate on our future strategy, reduce volatility, and better utilise our capital and resources. Transferring these legacy accounts to a trusted partner like RiverStone International, maintains our confidence in the support available from both our organisations to effectively service our clients’ historic claims, as well as their current and future needs. I would like to thank RiverStone International for their professionalism, rigour and collaborative approach to partnership, as well as Gallagher Re for their vital support throughout this process.”

James Mounty, Global Leader of Customised & Capital Solutions at Gallagher Re, commented: “Helping clients maximise their capital efficiency is what drives our team of Retrospective Solutions’ specialists, and we are pleased to have advised MS Amlin on this large and complex transaction. By devising innovative insurance restructuring solutions for clients’ legacy portfolios, we can help them redeploy capital and take advantage of trading conditions. The scale of this transaction also demonstrates that the value and benefits created by back-book optimisation are increasingly accepted and embraced by those at the forefront of our industry.”

About RiverStone International

RiverStone International is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business. Operating in the UK company and Lloyd’s of London markets, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases, acquiring over US$11.6 billion of liabilities since 2010 and with around US$4.6 billion of liabilities currently under management. RiverStone International’s highly skilled and tenured professionals employ ownership, accountability, commitment, and an open and flexible approach to all transactions to provide transactional certainty, deliver desired outcomes and maintain clients’ reputations. For further information about RiverStone International please visit: www.rsml.co.uk

About MS Amlin

MS Amlin Underwriting Limited is a leading global (re)insurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd’s, UK, Middle East, and Asia markets. With a 300-year record, MS Amlin delivers a quality service for businesses facing the most complex and demanding risks. Our role places us at the forefront of the Property & Casualty, Marine and Reinsurance markets.MS Amlin are experts in underwriting, with both technical capability and deep knowledge of the areas we insure. Our claims service aims to set the industry reference point for quality, with efficient, fair and timely claims management.

Contacts:

For RiverStone International:

Haggie Partners
Damian Beeley
Tel: +44 (0)207 562 4444
Damian.Beeley@haggie.co.uk

RiverStone International
Federica Aversa, Global Brand and Communications Manager
Tel : +44 20 7398 4329
federica.aversa@rsml.co.uk

For MS Amlin:

FTI Consulting
Nathan Hambrook-Skinner
Tel: +44 (0) 7977 817092
Nathan.Hambrook-Skinner@fticonsulting.com

Shipra Khanna
Tel: +44 (0) 7866 822 205
Shipra.Khanna@fticonsulting.com