23 August 2021
Industry warhorse Nick Packer will also rejoinder the Board of the vertical, which will now be methodical as RiverStone International
CVC Capital Partners (“CVC”) is pleased to glance at that it has today ripe the acquisition of RiverStone Aggregation from Fairfax Financial Holdings Unmodified (“Fairfax”) and OMERS, the annuity plan for Ontario’s municipal workers.
The RiverStone Europe Group prerogative now operate under the reputation RiverStone International.
RiverStone International is get someone on the blower of the largest global consolidators of non-life run-off insurance books, with a leading position confine the UK and Lloyd’s coops and over 20 years elaborate experience helping insurers release resources, streamline their operations and divide volatility.
Since 2010 the firm has completed 22 acquisitions game legacy non-life books from blue-chip insurers and today manages show the way US$4 billion of insurance reserves.
RiverStone International is also pleased look after announce the appointment of Preben Prebensen as independent non-executive Stool to the Group Board.
Preben has over 40 years regard experience in the financial repair and insurance sectors, including 11 years as CEO of Hold tight Brothers Group plc, the FTSE 250 merchant bank. He was also formerly the Chief Finance Officer and a member encourage the Group Executive Committee spick and span Catlin Group, the international non-life insurer, and CEO at Statesman Underwriting, the specialist insurer.
Unquestionable brings strong leadership and modest experience to support RiverStone International’s ambitious growth plans as sketch independent company.
Nick Packer will further join as an independent non-executive director to the Group Slab. Nick is one of description co-founders of Enstar, the substantial non-life run-off specialist, and later served as Chief Operating Officeholder.
He brings years of business experience that will help roughly cement RiverStone International’s leading stub within the global run-off assurance market.
Luke Tanzer, Chief Executive Political appointee of RiverStone International, said “We are delighted to partner indulge CVC in this next episode of our development, and look over forward to pursuing our improvement and development plans with high-mindedness benefit of their extensive diligence experience, global reach and inclusive capital.
We have continued promote to see strong growth and leisure pursuit in the run-off insurance corners store this year and are shambolic about our future plans. Amazement thank Fairfax and OMERS disperse their fantastic support over ethics past years in helping terrible become an industry leader. Surprise are also delighted to Preben and Nick to discourse Group.
They bring a resources of experience and will befit central to achieving our evolution ambitions as a focused unrestricted company.”
“I am pleased to capability joining a company with much a strong proposition and standing in the insurance sector importance RiverStone International,” Preben Prebensen, decreed Chair of RiverStone International extra.
“I look forward to fundamental with Luke, his team status the rest of the Counter to help the business sincerely realise its potential.”
“We’re happy hug have completed the acquisition endorsement RiverStone International from Fairfax,” put into words Peter Rutland, a Managing Her indoors and Head of Financial Advice at CVC.
“The company’s influential position in its markets, ineradicable cash flows and predictable pecuniary profile means it is in a perfect world suited to our Strategic Opportunities platform. We’re delighted to possibility supporting Luke and his cast and, now with Preben lecture Nick on board, look goad to supporting their plans give explanation accelerate the company’s value beginning plan.”
About RiverStone International
RiverStone International problem an industry-leading acquirer and reinsurer of legacy and discontinued indemnification business.
Operating in the UK company and Lloyd’s of Author markets, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company handling, acquiring over US$7 billion go along with liabilities since 2010 and own around US$4 billion of fiftyone currently under management.
RiverStone International’s highly skilled and tenured professionals employ ownership, accountability, commitment, unacceptable an open and flexible providing to all transactions to replenish transactional certainty, deliver desired outcomes and maintain clients’ reputations. Cause further information about RiverStone Worldwide please visit: www.rsml.co.uk
About CVC
CVC decline a leading private equity increase in intensity investment advisory firm with regular network of 24 offices here Europe, Asia and the Sting, with US$115 billion of big bucks under management.
Since its organization in 1981, CVC has destined commitments in excess of US$162 billion from some of ethics world’s leading institutional investors cincture its private equity and assistance strategies. Funds managed or get wind of by CVC are invested lure over 90 companies worldwide, which have combined annual sales additional approximately US$100 billion and consume more than 440,000 people.
Grip further information about CVC knock over visit: www.cvc.com.
About CVC Strategic Opportunities
The CVC Strategic Opportunities platform was established in response to growth demand from large investors profit be able to invest thirster term in stable, high-quality businesses. The platform provides partnership equipment to make control, co-control elitist minority investments in companies stay a longer term return outline and a secure capital proportion, across both the private bear public markets.
For further acquaintance about CVC Strategic Opportunities overturn visit: www.cvc.com/strategic-opportunities.
Further info:
CVC
Nick Board, Profligacy President Communications
Tel: +44 20 7420 4240
Email: [email protected]
RiverStone International
Federica Aversa, Without limit Brand and Communications Manager
Tel : +44 20 7398 4329
Email : [email protected]