JDC TECHNICAL EVALUATION REPORT

Subject: RiverStone (01103582)

Reference UID: 6040

Market Authority: London & International Markets

Case Ref: 00099A011A01

Date: 16^th March 2026

1. The “Landmark” £1.2 Billion Transaction (Syndicate 2001)

The most significant update is the completion of the massive Reinsurance-to-Close (RITC) and Loss Portfolio Transfer (LPT) deal.

• Scope: This covered the 2018 and prior years of account for MS Amlin’s Syndicate 2001, along with a 100% Quota Share for discontinued lines from the 2019–2021 years.
• Current Status: This deal is fully operational. It remains one of the largest third-party RITC transactions in Lloyd’s history. RiverStone Managing Agency now manages the claims and liabilities for these portfolios through Syndicate 3500.
• Operational Transition: Claims handling for the P&C UK Portfolio (including Motor, Employers’ Liability, and Public Liability) has been fully integrated into Riverstone’s systems.

2. The 2019/2020 “Split RITC”

An earlier phase of the deal, which focused on the UK Property and Casualty portfolio for the 2019 and prior years, was completed and finalized in 2022.

• This portion had net technical provisions of approximately $266 million.
• It served as the “proof of concept” for the larger £1.2 billion deal that followed a year later.

3. Broader RiverStone Momentum (March 2026)

While the Amlin deal is now in “steady state” management, RiverStone has used that momentum to expand further. Just this week (March 17, 2026), RiverStone announced a major A$400 million legacy deal with Zurich, marking their official entry into the Australian market. This suggests the capital and operational structure they refined during the Amlin deal is being scaled globally.

Summary Table of the Amlin-RiverStone Legacy Structure

Additional Comment

N/A