RiverStone takes on $1.6 billion of QBE reserves

RiverStone International has entered into loss portfolio transfer reinsurance agreements with QBE Insurance covering approximately $1.6 billion of reserves.

The transactions cover North American middle-market and workers’ compensation portfolios as well as European liability books. They are subject to regulatory approval.

The agreements expand the companies’ existing relationship and transfer responsibility for managing the legacy liabilities to RiverStone, providing QBE with greater certainty around the covered reserves.

“We are pleased to have entered into these transactions with QBE Insurance Group, further strengthening a long-standing relationship built on delivering tailored legacy solutions across multiple lines of business and jurisdictions. These transactions demonstrate the breadth of RiverStone International’s capabilities and the strength of our global platform in providing finality and certainty for complex long-tail liabilities. We look forward to continuing our partnership with QBE.” – Paul Brockman, Group Chief Executive Officer of RiverStone International.