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RPC advises MS Amlin on innovative split reinsurance to close (RITC) deal with Riverstone International

Published on 15 March 2022

MS Amlin's RITC deal with Riverstone International will see Riverstone take on certain property and casualty liabilities for the 2019 and prior years of account (YoA). A 100% quota share covering certain liabilities for the 2020 YoA was also entered into.

The fifth in a recent series of significant legacy market transactions handled by RPC's Corporate Insurance team.

International law firm RPC has advised MS Amlin Underwriting Limited, part of the global top-10 insurance group MS&AD, on its ground-breaking RITC deal with Riverstone International, an industry-leading acquirer and reinsurer of legacy and discontinued insurance business.

The RPC team, comprising William Hogarth (Partner), Andrew Price (Senior Associate) and Corporate Insurance transactions lead James Mee (Partner), with Kelly Thomson (Partner) supporting on HR matters, worked closely with the MS Amlin legal, commercial and financial teams, in a deal that has been described as 'a significant development in the legacy market'.

Riverstone International will undertake the split RITC through its specialist legacy syndicate 3500. The RITC became effective on 1 January 2022.

Commenting on the deal, James Mee said: "We were delighted to have worked with colleagues at MS Amlin on this significant transaction. 
"We've been pleased to work on a range of matters with the MS Amlin team, and this latest, significant, transaction is a highlight. The MS Amlin team are a pleasure to work with and a deal like this is testament to their skills, knowledge and ability to execute.

James continued:  "This is our fifth significant legacy transaction in the past 6 months.  Having William Hogarth, who joined RPC in 2021, on the team has really added to our bench strength.  It was great to see William in action and leading a deal on our side of the table rather than across it.  With William, Andy and others in the team, each of whom is truly expert in these transactions, we've the skills and bandwidth to handle a number of projects of this scale and complexity concurrently."

This is the fifth significant legacy transaction handled by the RPC's Corporate Insurance team in the past 6 months.

Slaughter and May (Edward Steward) acted for Riverstone International.