Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 18th of October 2017
December 28, 2012

Eagle Star risks transferred to RiverStone

by Gill Montia

Story link: Eagle Star risks transferred to RiverStone

Eagle Star risks transferred to RiverStone

Zurich and RiverStone have signed an agreement that transfers the benefits and risks of Eagle Star’s remaining general insurance portfolio as at July 1st, 2012.

As a result, $273 million in undiscounted gross liabilities will transfer to RiverStone, predominantly US asbestos, pollution and health risks written from the mid-1940s to the mid-1980s.

The transaction will generate a pre-tax profit in 2012 and is expected to release $340 million of local capital within two years.

Eagle Star has been in run off since 2006 and the transaction form part of Zurich’s wider strategy to divest most of its non-core businesses and release $1.5 billion of capital by 2015.

 

News posted:



Related stories to Eagle Star risks transferred to RiverStone: