• June 3, 2013
    Eagle Star Group Companies transfer general insurance porfolio to RiverStone Insurance (UK) Ltd
    Zurich Insurance Group announced on 27 December 2012 that Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited (together the Eagle Star Companies), which are wholly owned by Zurich and based in the UK, had agreed to transfer their remaining general insurance business to RiverStone Insurance (UK) Limited under Part VII of the Financial Services and Markets Act 2000. In preparation for this, the management of claims, reinsurance and litigation relating to the general insurance business of the Eagle Star Companies, which was previously carried out by Capita Commercial Insurance Services Limited, was taken over by RiverStone Insurance (UK) Limited with effect from 1 June 2013. Please note that the transfer does not involve any life, pension or employers liability policies.
  • March 1, 2013
    RiverStone supports Macmillan Cancer Support for 2013
    RiverStone employees seek to raise funds to support a different charity each year. This year RiverStone employees have chosen Macmillan Cancer Support as our charity for 2013. Macmillan provides support for cancer sufferers in a variety of different ways such as practical, medical and financial, suffers find their support invaluable throughout treatment.
  • December 21, 2012
    RiverStone agree to acquire non-life insurance operations of Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited
    On 21 December 2012 RiverStone Insurance (UK) Limited entered into an agreement with Eagle Star Insurance Company Limited, Home & Overseas Insurance Company Limited and City of London Insurance Company Limited to reinsure and ultimately acquire their non-life insurance operations.
  • June 18, 2012
    Fairfax Announces Agreement With Brit Group to Acquire Brit Insurance Limited
    TORONTO, ONTARIO--(Marketwire - June 18, 2012) - (Note: All dollar amounts in this press release are expressed in U.S. dollars.) Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) announces that its RiverStone runoff subsidiary has entered into an agreement with Brit Group to purchase all the outstanding shares of Brit Insurance Limited (BIL) of London, England, which wrote UK domestic, as well as some international, insurance and reinsurance before being placed into runoff earlier this year. The transaction, which is subject to customary conditions including regulatory approval, is expected to close in the fourth quarter of 2012. At March 31, 2012, BIL's gross and net reserves were approximately $1.9 billion and $1.3 billion, respectively, its cash and invested assets were approximately $1.9 billion, and its book value was approximately $530 million. RiverStone will purchase BIL at a discount to its book value, adjusted for certain pre-closing dividends. The purchase price for BIL is expected to be approximately $300 million, subject to certain adjustments at closing. The acquisition is expected to be financed using internal resources at RiverStone. Prem Watsa, Chairman and Chief Executive Officer of Fairfax, said, "We think that this is an excellent acquisition by Nick Bentley and his experienced team at RiverStone. We continue to look for opportunities to grow profitably in the runoff area."
  • January 17, 2012
    RITC of Syndicate 3330
    RiverStone is pleased to announce that with effect from 1 January 2012, the 2009 year of account of Syndicate 3330 has been transferred by means of a Reinsurance to Close into Syndicate 3500. RiverStone Managing Agency Limited is the managing agent of Syndicate 3500.  The Syndicate 3330 business transferring to Syndicate 3500 encompasses the following underwriting years and original component syndicates:  Original Syndicate Number Year(s) of Account (inclusive) 2 1993 – 2002 49  1993 – 1995 187      1993 – 2002 189 1993 – 1994
  • January 17, 2012
    Novation of Centrewrite syndicates to RiverStone
    RiverStone is pleased to announce that with effect from 1 January 2012, the 1999, 2000 and 2001 years of account of Syndicate 535 and the 1997, 1998 and 1999 years of account of Syndicate 1204 that were previously reinsured to close into Centrewrite Limited have been novated to Syndicate 3500, which is managed by RiverStone Managing Agency Limited. The effect of this novation is as if these years of account of Syndicates 535 and 1204 had originally been reinsured to close into Syndicate 3500 instead of Centrewrite. For further information please contact: Luke Tanzer  Managing Director  RiverStone Managing Agency Limited  Luke.Tanzer@rsml.co.uk Alice Gac Managing Director Centrewrite Limited Alice.Gac@lloyds.com
  • November 23, 2011
    RiverStone continue to raise money for Rockinghorse charity
    The staff at RiverStone have so far raised £3,414  for the Rockinghorse charity over the last few months. The money has been raised from various activities including a challenging sponsored walks on the south downs, the great south run, cake making and a management 'Come Dine with Me' competition. Fundraising activities will continue until our employees raise enough money to enable  to acquire a Pain Distractor system for use at the Royal Alexander children hospital in Brighton Rockinghorse is a charity that aims to make life better for sick and disabled babies, children and teenagers in Sussex, Surrey and South London.
  • March 25, 2011
    RiverStone staff raise money for Comic Relief 2011
    Comic Relief 18th March 2011 The staff at Riverstone have managed to raise a grand total of £671.11 through various fundraising activities on Friday 18th, these included raffles, sweepstakes, cake sales and a crazy golf competion. The company has agreed to match their efforts taking the total contribution to £1,350
  • January 25, 2011
    RiverStone to sponsor the Association of Run off Companies annual congress
    RiverStone will once again be sponsoring and attending the Association of Run off Companies annual congress.  Please follow this link for further details: http://www.arclegacy.eu/index.php/General-Congress/Congress-2011.html
  • January 14, 2011
    RiverStone completes deal to RITC Syndicate 376
    RiverStone has completed its deal to reinsure-to-close (RITC) the open years of Syndicate 376. The syndicate has been under the control of Whittington Capital Management, and is one of the largest in run-off in the Lloyd's market. Syndicate 376 has gross liabilities of approximately $250mn, down from around $1bn. Alleghany's Syndicate 376 collapsed on the Central Fund at the end of 2001 leading to losses for the market. It wrote a number of classes, including property and aviation reinsurance. The Syndicate 376 RITC, along with376/2376 lines of business from 1993-2001, includes Syndicate 1183/2183 exposures from 1993-1999, Syndicate 1207 from 1996-1999 and Syndicate 1038 from 1993-1995. We are now working with Whittington to embed376 through the first quarter, 376 has very good synergies for the group, with liabilities including World Trade Center risk and non-marine professional indemnity business. Reinsurance exposure amounts to around $100m. Some of the losses still within the 376 portfolio are very similar to our involvement in 506, our main aim is to return value to shareholders and 376 offers that opportunity. We first looked at Syndicate 376 in June last year and beat a number of other legacy specialists to win the tender. There has been a lot of RITC coming to market but we now expect a downturn in activity from Lloyd's. 2009-2010 has been frenetic for RITC activity, but there are not many opportunities of this size left in the Lloyd's run-off arena. We now continue to assess the potential impact of Solvency II modeling on portfolios and acquisition opportunities. Luke Tanzer Managing Director.