Debevoise & Plimpton advised Canopius with a team including Clare Swirski (Picture – Insurance).
Canopius Group, a leading global specialty (re)insurer, announced its loss portfolio transfer agreement with RiverStone International (“RiverStone”).
The agreement covers discontinued classes of business underwritten by Canopius’s Syndicates and will see RiverStone’s Syndicate 3500 indemnify Canopius against potential losses in respect of net liabilities valued at approximately $780m.
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US. It underwrites through Lloyd’s Syndicates 4444 (managed by Canopius Managing Agents Limited), a US surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer.
RiverStone International is an industry-leading acquirer and reinsurer of legacy and discontinued insurance business. Operating in the U.K. company and Lloyd’s of London markets, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases.
The Debevoise team advising Canopius was led by international consultant Clare Swirski (Picture) and international counsel Benjamin Lyon, and included associates Laura Jackson and James Houlihan. Finance advice was provided by associate Patrick Dixon. Regulatory advice was provided by international counsel John Young.
Involved fees earner: Patrick Dixon – Debevoise & Plimpton; James Houlihan – Debevoise & Plimpton; Laura Jackson – Debevoise & Plimpton; Benjamin Lyon – Debevoise & Plimpton; Clare Swirski – Debevoise & Plimpton; John Young – Debevoise & Plimpton;
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