RiverStone International has completed a loss portfolio transfer reinsurance (LPT) with QBE after receiving all requisite approvals.
Earlier in the year RiverStone had announced its agreement with QBE to provide a LPT for various QBE subsidiaries, including their Lloyd’s syndicates.
According to the announcement, the LPT is effective July 1, 2024 and RiverStone International subsidiaries have assumed subject reserves of US$1.2 billion as of that date.
The transaction will de-risk all North America middle-market reserves up to June 30th, 2024. This also includes remaining North America non-core long-tail reserves, not subject to prior reinsurance transactions, and a small number of other portfolios in International and North America where volatility and capital efficiency were motivating factors.
David Rocke, group head of M&A and managing director of RiverStone International Bermuda, said: “In our continuing drive to become the premier acquirer of legacy business, we are very pleased to close this important transaction with QBE.
“It is a significant milestone in our acquisition strategy and considerably strengthens our Bermuda operations, leverages the platform and expertise of our newly acquired US operations and we welcome nearly 50 individuals from QBE. We look forward to continuing to build our long-term partnership with QBE.”
According to the August announcement, the reserve transaction was to incur an upfront cost of approximately $85 million in Q2 2024 for QBE, split across the insurance operating result and restructuring and related expenses.
Luke Tanzer, group chief executive officer of RiverStone International, commented: “This transaction confirms our commitment to international growth and demonstrates our global capability through the utilisation of our Bermuda, US, and Lloyd’s platforms.
“We are delighted to be transacting and building our strategic relationship with QBE, one of the world’s leading insurance and reinsurance groups.”
Nick Schulson, CEO of RiverStone International Insurance, added: “We are excited to welcome our new colleagues and look forward to building on their expertise to enhance our US operations. It’s thrilling to be supporting RiverStone International’s growth so soon after joining the group. This integration is a testament to our commitment to strengthen our North American capabilities while fostering a collaborative and inclusive work environment.”
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Publish date : 2024-11-01 01:43:00
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