Brit Ltd (“Brit”) today announces that it has completed a loss portfolio transfer (LPT) agreement with RiverStone International (RiverStone).
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 1 October 2021.
The agreement will see RiverStone’s Syndicate 3500 indemnify Brit against potential adverse development in respect of net liabilities, valued at approximately $380m. 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 US 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.”
CVC acquired RS International on 23 August and therefore S3500 is no longer part of the Fairfax group.