RiverStone completes RTC with Hamilton Managing Agency
Legacy and run-off specialist RiverStone International has completed a reinsurance-to-close (RITC) transaction with Hamilton Insurance Group subsidiary, Hamilton Managing Agency Limited. The RITC is for the Acappella Syndicate 2014’s legacy liabilities from 2019 and prior years.
With net technical provisions of over £200 million, the RITC received Lloyd’s approval in early February. 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.