RiverStone Europe has wrapped up the reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency.

The transaction covers legacy Pembroke business that continued to held by Liberty Mutual Group following Hamilton Insurance Group’s purchase of Pembroke and Syndicate 4000 in 2019.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

RiverStone said it will work with Hamilton to transition the business operations over the coming months.

The transaction was approved by Lloyd’s last month, with RITC effective from the beginning of this year.

Speaking on the development, RiverStone Europe’s managing director Luke Tanzer said: “We are very pleased that Hamilton and Liberty selected RiverStone Europe as their partner for this transaction.”

“We have worked closely with them to ensure their strategic objectives are achieved through this RITC, and we will ensure that all stakeholders continue to receive the highest possible level of service. The completion of this transaction reinforces RiverStone Europe’s competitive edge and outstanding reputation in the market.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Hamilton Managing Agency CEO Adrian Daws added: “This transaction is the final act of what has been a transformational deal for Hamilton.

“As we complete the integration of our acquired operations from Liberty, we’re well-positioned to continue to focus on our long-term development in building a global, diversified specialty insurance and reinsurance franchise.”

Meanwhile, RiverStone Europe is currently in the process of being acquired by CVC Strategic Opportunities Fund II, an acquisition vehicle owned and operated by CVC Capital Partners.

Last November, Hamilton Insurance launched a Bermuda-regulated insurance agent Ada Capital Management to underwrite on behalf of its new special purpose insurer Ada Re.