Global legacy acquirer RiverStone International has completed a Loss Portfolio Transfer (LPT) transaction with SiriusPoint, its first deal with the company, under which RiverStone assumes a portfolio of legacy reinsurance liabilities with net liabilities of approximately $400 million.
RiverStone International noted that the transaction further demonstrates its ability to structure tailored legacy solutions that address the specific needs of counterparties across a broad range of portfolios.
The firm said it developed the “bespoke solution” to meet SiriusPoint’s requirements, reflecting its flexible approach to the legacy market.
In its results this morning, SiriusPoint explained that the agreement covers all of the remaining run-off reserves and is supported by significant limits and strong collateral.
The deal is reportedly expected to unlock over $200 million of capital currently supporting the run-off portfolio.
2026 has been a busy year for Riverstone International. Just yesterday, the firm revealed it has entered into an LPT with Clear Spring Property and Casualty Company, a subsidiary of Delaware Life Insurance, covering approximately $325 million in net reserves.
This news came days after RiverStone International unveiled its ILS debut with an LPT of portfolios associated with funds managed by Leadenhall Capital Partners.
Other notable developments for the firm this year include its expansion into Australia and several further deals, among them the recently completed $1.6 billion LPT transaction with QBE Insurance Group.
Commenting on the most recent deal, Paul Brockman, Group Chief Executive Officer of RiverStone International, said, “This transaction reflects RiverStone’s ability to deliver tailored legacy solutions for complex portfolios.
“We are pleased to have completed our first transaction with SiriusPoint and to have developed a loss portfolio transfer that meets its specific requirements. The deal further demonstrates the breadth of solutions we can provide to counterparties seeking to address legacy liabilities.”
Scott Egan, Chief Executive Officer of SiriusPoint, added, “This transaction marks another important step for SiriusPoint, further simplifying our business, strengthening our capital position, and closing the chapter on our legacy portfolio. We are pleased to be partnering with RiverStone, which has deep expertise in the legacy market.”
