Canopius Group, the London-based global specialty re/insurer, announced it has completed a loss portfolio transfer (LPT) agreement with RiverStone International.
The agreement covers discontinued classes of business underwritten by Canopius’ Lloyd’s syndicates and will see RiverStone’s Syndicate 3500 indemnify Canopius against potential losses in respect of net liabilities valued at approximately $780 million. The portfolio transfer was brokered by Gallagher Re.
“This LPT with RiverStone provides Canopius with finality on our discontinued lines, allowing us to focus on our core business and releasing capital to reinvest in support of our future growth aspirations,” commented Nick Betteridge, Chief Actuary of Canopius.
“With the current positive market environment, we see this as a great time to continue to invest and grow our business in 2022 and beyond,” he added.
“We are delighted to have executed this legacy portfolio transaction with Canopius, which continues to build upon our strong position in Lloyd’s. We look forward to working closely with Canopius through the transition phase and to maintaining the high-quality level of service for policyholders and claimants,” said Riverstone’s CEO Luke Tanzer.
About Canopius
Canopius is a global specialty re/insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and U.S. It underwrites through Lloyd’s Syndicates 4444 (managed by Canopius Managing Agents Ltd.); a U.S. surplus lines insurer, Canopius US Insurance Inc.; and Canopius Reinsurance Ltd, a Bermuda based Class 4 reinsurer.
About RiverStone International
RiverStone International is an 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.
Source: Canopius
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