RiverStone International announced that it has entered a reinsurance-to-close (RITC) agreement with Asta Managing Agency.
The transaction sees the transferal of the 2022 underwriting year of account for Hampden Risk Partners (HRP) Syndicate 2689 into RiverStone International Syndicate 3500.
The deal also involves net technical provisions valued at £62.5 million as of the third quarter of 2024.
RiverStone International UK CEO and Group CFO Andy Creed (pictured above) reiterated the firm’s commitment to acquiring legacy business in the Lloyd’s market and supporting its clients and the broader industry.
Chris Sharp, active underwriter for HRP Syndicate 2689, also said that closing the 2022 underwriting year of account aligns with HRP's "intelligent follow" model, which was introduced for the 2023 year of account.
Only two months into the year, this is RiverStone International’s second major reinsurance deal in 2025. In January, the legacy and discontinued business acquirer and reinsurer signed an agreement with Zurich Insurance Europe and Zurich Insurance Company’s French branch for a loss portfolio transfer (LPT) reinsurance.
The deal also involved an insurance business transfer in relation to the French discontinued motor and architects & engineers (A&E) professional indemnity portfolios.
In November, the company finalized its announced agreement with QBE for a LPT reinsurance arrangement involving several QBE subsidiaries, including Lloyd’s syndicates.
The transaction, effective July 1, 2024, received all required regulatory approvals, with RiverStone subsidiaries assuming US$1.2 billion in reserves as of that date.
Last year also saw legacy acquirer DARAG selling off its North American and Bermuda business entities to RiverStone Group to streamline its operations and concentrate on its core European market.
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