{"id":1275,"date":"2022-12-15T12:28:00","date_gmt":"2022-12-15T12:28:00","guid":{"rendered":"http:\/\/localhost\/?p=1275"},"modified":"2023-01-22T15:35:57","modified_gmt":"2023-01-22T15:35:57","slug":"riverstone-international-announces-loss-portfolio-transfer-deal-with-axis-capital","status":"publish","type":"post","link":"https:\/\/www.rsml.co.uk\/2022\/12\/riverstone-international-announces-loss-portfolio-transfer-deal-with-axis-capital\/","title":{"rendered":"RiverStone International Announces Loss Portfolio Transfer Deal with AXIS Capital"},"content":{"rendered":"\n

Pembroke, Bermuda, December 15, 2022 – RiverStone International today announced that it has entered into loss portfolio transfer (\u201cLPT\u201d) reinsurance agreements with affiliates of AXIS Capital Holdings Limited (“AXIS Capital” or \u201cAXIS\u201d or \u201cthe Company\u201d) (NYSE: AXS), which cover several of its professional lines and liability insurance portfolios, predominantly relating to 2019 and prior accident years.<\/p>\n\n\n\n

The transaction, subject to regulatory approval, covers net reserves for losses and loss expenses of approximately $400 million and provides ground-up cover to a policy limit of $605 million.<\/p>\n\n\n\n

David Rocke, group head of M&A and managing director of RiverStone International Bermuda Limited said: \u201cWe are\u202fvery pleased that\u202fAXIS has selected RiverStone as its partner for this transaction, and it is a testament to our ability to provide flexible effective solutions, helping us maintain our position as a market leader. As we continue with our long-term growth plan, this is a significant milestone in our acquisition strategy with RiverStone\u2019s Bermuda operations.\u201d<\/em><\/p>\n\n\n\n

Pete Vogt, Chief Financial Officer at AXIS said: \u201cWe\u2019re pleased to partner with RiverStone International, a leading reserve run-off specialist with a reputation for strong claims handling. Today\u2019s transaction provides AXIS with retroactive reinsurance cover for businesses that we generally exited years ago. <\/em>We acquired the protection at a cost substantially in line with our carried reserves which together with the modest transactional expenses will have an immaterial impact on our fourth quarter earnings. The <\/em>agreements will protect AXIS from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreements.<\/em>\u201d<\/p>\n\n\n\n

The transaction was facilitated by Aon\u2019s Capital Advisory team.<\/p>\n\n\n\n

About RiverStone International<\/strong> <\/p>\n\n\n\n

RiverStone International is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business. Operating in Bermuda, Europe, the U.K. company and Lloyd\u2019s of London markets, RiverStone International has transacted a wide variety of deals \u2013 from insurance and reinsurance portfolio transfers to company purchases, acquiring over $7 billion of liabilities since 2010 and with around $4 billion of liabilities currently under management. RiverStone International\u2019s highly skilled and tenured professionals employ ownership, accountability, commitment, and an open and flexible approach to all transactions to provide transactional certainty, deliver desired outcomes and maintain clients\u2019 reputations. For further information about RiverStone International please visit: www.rsml.co.uk <\/p>\n\n\n\n

About AXIS Capital<\/strong><\/p>\n\n\n\n

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders’ equity of $4.3 billion at September 30, 2022, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com<\/a>.<\/p>\n\n\n\n

Riverstone Contacts:<\/strong><\/p>\n\n\n\n

RiverStone International  
Federica Aversa, Global Brand and Communications Manager 
Tel: +44 20 7398 4329 
federica.aversa@rsml.co.uk<\/a><\/p>\n\n\n\n

Haggie Partners
Damian Beeley \/ Cordelia Hawkings
Tel: +44 (0)207 562 4444
Damian.Beeley@haggie.co.uk<\/a>
Cordelia.Hawkings@haggie.co.uk<\/a><\/p>\n\n\n\n

AXIS Contacts:<\/strong><\/p>\n\n\n\n

Investor Contact
<\/strong>Miranda Hunter
Tel: (441) 405-2635
investorrelations@axiscapital.com<\/a><\/p>\n\n\n\n

Media Contact
<\/strong>Joe Cohen
Tel: (212) 715-3524
joseph.cohen@axiscapital.com<\/a><\/p>\n\n\n\n

Cautionary Note Regarding Forward-Looking Statements<\/u><\/strong><\/p>\n\n\n\n

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934.<\/p>\n\n\n\n

Forward-looking statements contained in this press release include without limitation information regarding AXIS Capital\u2019s expectations of the financial impact of the transaction and prior year reserve development.<\/em><\/p>\n\n\n\n

Forward looking statements only reflect AXIS Capital\u2019s expectations and are not guarantees of performance.\u00a0 These statements involve risks, uncertainties and assumptions. Readers should carefully consider the\u00a0 risks described under Item 1A, \u2018Risk Factors\u2019<\/em> in AXIS Capital\u2019s \u00a0most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in AXIS Capital\u2019s periodic and other filings with the SEC which are accessible on the SEC’s website at www.sec.gov<\/a>. AXIS Capital undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pembroke, Bermuda, December 15, 2022 – RiverStone International today announced that it has entered into loss portfolio transfer (\u201cLPT\u201d) reinsurance agreements with affiliates of AXIS Capital Holdings Limited (“AXIS Capital” or \u201cAXIS\u201d or \u201cthe Company\u201d) (NYSE: AXS), which cover several of its professional lines and liability insurance portfolios, predominantly relating to 2019 and prior accident […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1275","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"\nRiverStone International Announces Loss Portfolio Transfer Deal with AXIS Capital - RiverStone International<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rsml.co.uk\/2022\/12\/riverstone-international-announces-loss-portfolio-transfer-deal-with-axis-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RiverStone International Announces Loss Portfolio Transfer Deal with AXIS Capital - 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