RiverStone
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The process has been narrowed, with parties including Catalina and Premia not going forward. -
Sources said the net reserves in scope for the deal were marketed at £240mn.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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David Rocke becomes group head of M&A, Jamie Saunders CUO and David Alexander strategy director.
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The transaction involves net technical provisions of more than £200mn.
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The deal allows MS Amlin to carve out the P&C portfolio for 2019 and prior years in an industry first.
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David Rocke brings more than 25 years' experience to RiverStone, joining the firm as its first MD in Bermuda.
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The deal was brokered by Gallagher Re.
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Legacy business RiverStone International has appointed former PartnerRe CEO Costas Miranthis as an independent non-executive director and Neil Taylor as group chief investment officer.
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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Both private equity deals were vetted under simplified EU merger procedure.
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