UK-based speciality re/insurance broker Canopius Group has concluded a loss portfolio transfer (LPT) agreement with RiverStone International (RiverStone).
The portfolio, which is valued at around $780m, includes discontinued classes of business underwritten by Canopius’ syndicates.
This agreement will see RiverStone’s Syndicate 3500 provide cover to Canopius against potential losses in respect to the portfolio being transferred.
Canopius has underwriting operations in Australia, Bermuda, China, Singapore, the UK, and the US.
Gallagher Re brokered the portfolio transfer.
Canopius chief actuary Nick Betteridge said: “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.
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By GlobalData“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 CEO Luke Tanzer said: “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”.
Earlier this year, Canopius unveiled an algorithmic underwriting platform called Vave.