Debevoise & Plimpton LLP has advised Canopius Group, a leading global specialty (re)insurer, in 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.
For full details of the Canopius transaction, see the official press release here.
The deal follows other major reinsurance deals for the Debevoise insurance team in London, including establishing Compre’s Lloyd’s platform, advising on Compre’s reinsurance to close transaction with Axa, and advising AmTrust Financial Services in its reinsurance to close transactions with Enstar Group.
The Debevoise team advising Canopius was led by international consultant Clare Swirski 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.