RPC advises MS Amlin on £1.2bn 'split' RITC and LPT transactions

The transaction has been described as the largest ever third-party Reinsurance-to-Close (RITC) transaction in Lloyd's

This deal is the eleventh in a recent series of significant legacy market transactions handled by RPC, and the fifth in 2023

International law firm RPC has advised MS Amlin Underwriting Limited (MS Amlin) on its latest transaction with RiverStone International (RiverStone). MS Amlin is part of the MS&AD Group, a global top 10 non-life insurer.  

The transaction involved a RITC of the 2018 and prior years of account, and a Loss Portfolio Transfer reinsurance (LPT) of specific discontinued classes in the 2019 to 2021 years of account. The RITC portion will be a ‘split’ RITC as the 2018 and prior years of account have already been closed into MS Amlin’s 2020 year of account.

The RPC team was led by Head of Financial Services Transactions James Mee and Corporate Insurance Specialist William Hogarth. The MS Amlin legal team was led by Neil Adams (Deputy General Counsel) and Fred Foreman (General Counsel).

Commenting on the deal, James Mee said: "It's great to continue our relationship with the MS Amlin team.  It's always a pleasure to work with such an extremely capable and thoroughly committed group in achieving the smooth execution of these highly significant transactions.

"William joined us just over a year ago and has added huge depth of expertise and ability to our already strong team. Working together with William, colleagues and the MS Amlin team on this and MS Amlin's prior transactions clearly demonstrates the benefits of putting together a market leading team."

Neil Adams said: "This is a landmark transaction for MS Amlin and one which allows us to focus on the future. This is the second complex RITC for which MS Amlin has turned to James, William and the RPC team for legal advice. We are consistently impressed with their technical expertise and commercial acumen as well as their commitment and market knowledge."

This transaction has led to RPC being shortlisted for Insurance Team of the Year at the Legal Business Awards on 19th September 2023.