Brit Completes $380M Loss Portfolio Transfer With Legacy Specialist RiverStone
Brit Ltd. announced it has completed a loss portfolio transfer (LPT) agreement with RiverStone International. The agreement is for predominantly legacy years of account on certain classes and certain discontinued classes of business underwritten by Brit Syndicate 2987 and is effective from Oct. 1, 2021.
The agreement will see RiverStone’s Syndicate 3500 indemnify Brit against potential adverse development in respect of net liabilities, valued at approximately $380 million. RiverStone will assume all claims handing responsibility for the transferring business.
Gavin Wilkinson, Brit Group CFO, said: “We are pleased to complete this LPT with RiverStone which provides Brit with certainty of exit on discontinued lines and reduces exposure to U.S. Casualty claims inflation. This agreement builds on the previous reinsurance agreements between Brit and RiverStone in 2014 and 2018, leveraging the strong relationship between us. We look forward to working with RiverStone over the next few months as we transition the claims management to their teams.”
Source: Brit Ltd.
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