RiverStone Europe has wrapped up the reinsurance-to-close (RITC) transaction of the legacy liabilities of the 2018 and prior years of account of Syndicate 4000, managed by Hamilton Managing Agency.

The transaction covers legacy Pembroke business that continued to held by Liberty Mutual Group following Hamilton Insurance Group’s purchase of Pembroke and Syndicate 4000 in 2019.

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RiverStone said it will work with Hamilton to transition the business operations over the coming months.

The transaction was approved by Lloyd’s last month, with RITC effective from the beginning of this year.

Speaking on the development, RiverStone Europe’s managing director Luke Tanzer said: “We are very pleased that Hamilton and Liberty selected RiverStone Europe as their partner for this transaction.”

“We have worked closely with them to ensure their strategic objectives are achieved through this RITC, and we will ensure that all stakeholders continue to receive the highest possible level of service. The completion of this transaction reinforces RiverStone Europe’s competitive edge and outstanding reputation in the market.”

Hamilton Managing Agency CEO Adrian Daws added: “This transaction is the final act of what has been a transformational deal for Hamilton.

“As we complete the integration of our acquired operations from Liberty, we’re well-positioned to continue to focus on our long-term development in building a global, diversified specialty insurance and reinsurance franchise.”

Meanwhile, RiverStone Europe is currently in the process of being acquired by CVC Strategic Opportunities Fund II, an acquisition vehicle owned and operated by CVC Capital Partners.

Last November, Hamilton Insurance launched a Bermuda-regulated insurance agent Ada Capital Management to underwrite on behalf of its new special purpose insurer Ada Re.