Slaughter and May advised on the Part VII transfer of a general insurance portfolio from Ageas Insurance Limited to RiverStone Insurance (UK) Limited

Slaughter and May advised Ageas Insurance Limited (‘Ageas’) and RiverStone Insurance (UK) Limited (‘RiverStone’) on the transfer of a portfolio of general insurance and reinsurance policies from Ageas to RiverStone pursuant to an insurance business transfer under Part VII of the Financial Services and Markets Act 2000 (the ‘Part VII Transfer’).

Under the terms of the Part VII Transfer, RiverStone acquired a book of commercial general insurance comprising cover for marine, non-marine, accident and health, property and general liability risks. The business was mainly written under the Bishopsgate Stamp and Northern Star from 1950 onwards to policyholders in the UK and the US.

Prior to the Part VII Transfer, Slaughter and May also advised Ageas on the reinsurance arrangements with RiverStone to transfer the economic risks and benefits of the portfolio from December 2018 until completion of the transfer.

The Part VII Transfer was sanctioned by the High Court on 16 March 2020 and became effective on 1 April 2020.