RiverStone Europe, which was sold by Fairfax Financial Holdings and pension plan OMERS, will now be known as RiverStone International following the completion of the transaction with CVC Capital Partners funds.
“We are delighted to partner with CVC in this next chapter of our development, and look forward to pursuing our growth and development plans with the benefit of their extensive industry experience, global reach, and long-term capital,” said RiverStone International chief executive Luke Tanzer, who is being joined by new arrivals Preben Prebensen and Nick Packer as independent non-executive chair and independent non-executive director, respectively.
“We have continued to see strong growth and activity in the run-off insurance markets this year and are excited about our future plans. We thank Fairfax and OMERS for their fantastic support over the past years in helping us become an industry leader. We are also delighted to welcome Preben and Nick to our group. They bring a wealth of experience and will be central to achieving our growth ambitions as a focused, independent company.”
One of the biggest global consolidators of non-life run-off insurance books, RiverStone International has completed 22 legacy non-life books acquisitions from blue-chip insurers since 2010. It currently manages around US$4 billion of insurance reserves and also enjoys a leading position in the UK and Lloyd’s markets.
“I am pleased to be joining a company with such a strong proposition and reputation in the insurance sector as RiverStone International,” said Prebensen, whose more than four decades of financial services and insurance experience includes time spent at Close Brothers Group, Catlin Group, and Wellington Underwriting. “I look forward to working with Luke, his team, and the rest of the board to help the business fully realise its potential.”
Packer, meanwhile, brings experience from non-life run-off specialist Enstar, which he co-founded and where he served as chief operating officer.
Commenting on the closing of the deal, CVC’s London-based managing partner and financial services head Peter Rutland stated: “We’re happy to have completed the acquisition of RiverStone International from Fairfax. The company’s leading position in its markets, embedded cash flows, and predictable financial profile means it is ideally suited to our strategic opportunities platform.
“We’re delighted to be supporting Luke and his team and, now with Preben and Nick onboard, look forward to supporting their plans to accelerate the company’s value creation plan.”
