RiverStone acquires Brit’s $1bn+ UK legacy book
Fairfax Financial Holdings subsidiary RiverStone has trumped legacy acquisition rivals such as Enstar and Catalina to acquire over $1bn of Brit Insurance reserves from its UK run-off business, BIL.
In a statement today (18 June), Riverstone will pay around $300mn for Brit Insurance's UK legacy business, the firm said this week.
As of 31 March, BIL had gross reserves of $1.9bn and net reserves of $1.3bn, and its book value was approximately $530mn.
However, by including the circa £40mn which...
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