The companies have also agreed to a 100% quota share arrangement for the 2020 year of account for the same lines of business.
RiverStone International is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business. It will be undertaking the split RITC with MS Amlin through its specialist legacy syndicate 3500.
The RITC became effective on January 01, 2022, with net technical provisions of US$266 million.
"We are delighted that MS Amlin has chosen RiverStone to help deliver its strategic aims. This signing further reinforces our competitive edge and the trust that key players in the market have in us,” said Andy Creed, chief financial officer of RiverStone International. “We will ensure that MS Amlin’s excellent reputation is maintained, and their insureds continue to receive the highest possible level of service.”
The arrangement will provide ‘greater operational and financial simplicity’ for MS Amlin, its chief financial officer Phil Green added.
