Global legacy acquirer RiverStone International has completed its previously announced loss portfolio transfer (LPT) agreements with QBE Insurance Group, representing approximately $1.6 billion in reserves.
The transactions were announced in August, and cover North American Middle Market and Workers’ Compensation portfolios, and also European liability books.
Completion further strengthens the long-standing partnership between the two global companies. The legacy specialist says that closing of the deals highlights its ability to deliver complex legacy solutions at scale across multiple lines of business and jurisdictions.
“Completing these transactions demonstrates RiverStone’s ability to deliver complex legacy solutions at scale. Our global platform, expertise and capital enable us to address portfolios across multiple lines and jurisdictions, creating meaningful certainty for our partners,” said Paul Brockman, Group Chief Executive Officer of RiverStone International.
“Our relationship with QBE has been built over the years, and these transactions are another strong example of what a successful partnership can deliver,” he added.
Earlier this month, Reinsurance News attended the annual AIRROC conference in New Jersey, which brings together re/insurance professionals to discuss the legacy market.
The event featured a fireside chat between Rebecca Wilkinson, Restructuring Director at PwC, and RiverStone International’s Brockman, who emphasised that discipline should sustain rather than constrain growth for legacy players.
You can read about this legacy deal and many others on our list of legacy and run-off reinsurance transactions.
