RiverStone International announces loss portfolio transfer deal with QBE

RiverStone International has agreed to a deal with QBE Insurance to provide Loss Portfolio Transfer (LPT) reinsurance for several QBE subsidiaries, including its Lloyd’s syndicates.

This agreement covers a range of insurance policies from both international and North American markets, with premiums up to June 30, 2024. Once regulatory approvals are obtained and closing conditions are met, the LPT will take effect on July 1, 2024, with RiverStone taking over $1.2 billion in reserves.

“In our continuing drive to become the premier acquirer of legacy business, we are very pleased that QBE has chosen RiverStone International for this transaction. This agreement marks a significant milestone in our acquisition strategy and considerably strengthens our Bermuda operations. Moreover, we will leverage the platform and expertise from our newly acquired U.S. operations to manage this business and welcome new talented colleagues from QBE upon closing. The collaboration between our teams during the structuring and negotiation phases has been exceptional, and we look forward to building a long-term partnership with QBE.” – David Rocke, group head of M&A and managing director of RiverStone International Bermuda.