LONDON – 24th December 2021 – Canopius Group, a leading global specialty (re)insurer, today announces that it has completed a Loss Portfolio Transfer (LPT) agreement with RiverStone International (RiverStone).
The agreement covers discontinued classes of business underwritten by Canopius’s Syndicates and will see RiverStone’s Syndicate 3500 indemnify Canopius against potential losses in respect of net liabilities valued at approximately $780m. The portfolio transfer was brokered by Gallagher Re.
Nick Betteridge, Chief Actuary of Canopius, commented: “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.
“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. I would like to thank Gallagher Re for their professional handling of this transaction and we look forward to working with RiverStone to transition the business over.”
Riverstone’s CEO, Luke Tanzer, commented: “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”.
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Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US. It underwrites through Lloyd’s Syndicates 4444 (managed by Canopius Managing Agents Limited), a US surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer.
For more information, visit www.canopius.com or follow @CanopiusGroup
About RiverStone International
RiverStone International is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business. Operating in the U.K. 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. 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 rsml.co.uk.