RiverStone International, the industry-leading acquirer and reinsurer of legacy and discontinued insurance business, today announces the completion of a reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2019 and prior years of account of Acappella Syndicate 2014, managed by Hamilton Managing Agency Limited, a wholly owned subsidiary of Hamilton Insurance Group, Ltd. (“Hamilton”).
This RITC with net technical provisions of over £200 million, received Lloyd’s approval in early February, with the RITC being effective from 1 January 2022. RiverStone International will now work with Hamilton to transition the business operations over the coming months.
Luke Tanzer, chief executive officer of RiverStone International, said: “We are very pleased that Hamilton has again selected RiverStone as their partner for this transaction. This is further testament to our excellent reputation in the market and our ability to deliver legacy solutions for clients.”
The transaction was facilitated by Aon’s Reinsurance Solutions Capital Advisory team.