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.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
