“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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