RiverStone reinsures Lyft auto portfolio

RiverStone International  has signed a deal with Pacific Valley Insurance Company, a Lyft subsidiary, to provide reinsurance for Lyft’s commercial auto liability claims starting January 1, 2025.

The agreement is RiverStone’s first U.S. transaction through its recently acquired U.S. entity, with Guy Carpenter acting as the broker.

“We are thrilled to partner with Pacific Valley Insurance Company to complete our first transaction directly within RiverStone International’s recently-acquired US entity. We appreciate the opportunity to work on this loss portfolio transfer and recognise Lyft’s commitment to effective risk management. This loss portfolio transfer reinsurance marks a strong step in our commitment to expanding our presence in the US market, leveraging our robust platform and operations to deliver a tailored and effective solution for our client. RiverStone International is delighted to strengthen relationships and grow our scale in North America, and we welcome the opportunity to provide professional legacy solutions to markets in this region.” – Nick Schulson, CEO of RiverStone International Insurance