RiverStone International agrees RITC with HRP 2689

By Rebecca Delaney

Feb 17 - (The Insurer) - Legacy acquirer RiverStone International has signed a reinsurance to close (RITC) agreement for the 2022 underwriting year of account of Hampden Risk Partners Syndicate 2689.

Net technical provisions of Asta-managed Syndicate 2689 were 62.5 million pounds as at Q3 2024.

The transaction was supported by Howden Re Legacy.

Chris Sharp, active underwriter at HRP Syndicate 2689, said: “The closure of the 2022 underwriting year of account and prior in this manner further reinforces our commitment to our ‘intelligent follow’ model as introduced for the 2023 year of account.”

As this publication has previously reported, HRP 2689 sought to increase its stamp capacity by 40 percent to 105 million pounds for the 2025 underwriting year of account as part of a wider trend of smart follow models attempting to scale up at Lloyd's.

The announcement of the RITC with RiverStone follows the news last week that Marco Capital had completed its previously announced RITC transaction with Coverys Syndicate 1975.

Last week also saw the publication of PwC's latest non-life run-off review, which anticipated an uptick in Lloyd's RITC activity over the next 12 months.

Under rules which came into force on 1 January 2025, all new legacy deals require pre-transaction review and approval by Lloyd’s. This is expected to have a deferred impact later in the year, with the compliance burden falling predominantly on the acquiring entity.