11 February 2020Insurance

RiverStone completes RITC transaction with The Channel Syndicate

Managing agency RiverStone has completed its RITC transaction with The Channel Syndicate, SCOR Specialty’s Lloyd’s arm. The transaction is effective from January 1 2020, and covers the 2017 and prior years of account of Syndicate 2015. RiverStone and Channel said they are working closely together to ensure the continuity of their service to all stakeholders.

“We are delighted that Channel has chosen us to help deliver their strategic aims,” said Luke Tanzer, managing director of RiverStone UK. “This transaction will enable Channel to concentrate on their ongoing core business safe in the knowledge that their reputation will be protected by RiverStone’s commitment and focus on the delivery of excellence in the management of legacy business.”

RiverStone Managing Agency and its service company, RiverStone Management, will be managing the business with effect from 1 April 2020. Until this date, Channel will retain the day-to-day management of the portfolio on behalf of RiverStone.

This transaction, brokered by Guy Carpenter, enables SCOR to deploy its capital efficiently and for RiverStone to bring its claims management expertise and focus onto this portfolio.

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