RiverStone International is an acquirer and reinsurer of legacy and discontinued insurance businesses, with operations in Australia through the acquisition of a local insurer and a significant legacy portfolio transaction with global insurer Zurich.
The global heritage company has acquired RiverStone International Australia PTY LTD to support the group’s products in the Australian market.
Mark Fleiser, a veteran of more than two decades in the Australian general insurance market, will serve as Managing Director of RiverStone International’s Australian operations. He brings additional experience of the New Zealand market to the role and has held leadership roles in underwriting, portfolio management, governance, reinsurance and claims during his career.
At the same time, RiverStone International has entered into a legacy portfolio deal with Zurich Australia Insurance Company and Zurich Insurance Company, which mainly covers Zurich Australia Heritage professional indemnity, general liability and workers’ compensation portfolio.
The legacy agreement covers runoff policies for 2023 and previous underwriting years, with total net notional reserves exceeding A$400 million. RiverStone explained that the liability will initially be transferred to RiverStone International Bermuda through loss portfolio transfer reinsurance.
RiverStone International Group CEO Paul Brockman said: “This is a significant milestone for RiverStone International. Establishing a presence in Australia is a huge step forward for our business, significantly expanding our global footprint and reflecting the momentum we are building. It marks an important stage in our development as a truly global traditional and specialty insurer.”
Andy Creed, Group President of RiverStone International, said: “We are pleased to be working with Zurich again to support their strategic initiatives. Our ongoing relationship with Zurich is a testament to RiverStone International’s operational strength and our commitment to building long-term partnerships with key customers. This transaction demonstrates RiverStone International’s ability to execute complex legacy solutions within a strong regulatory framework.”
Alex Morgan, Zurich’s head of general insurance Australia and New Zealand, added: “Zurich is delighted to be working with RiverStone on this deal, which builds on the existing relationship between the two organisations.
“Zurich’s Australian ongoing general insurance business has a strong position in the market and significant growth ambitions. This transaction comes at a critical time as we seek to invest further in expanding and innovating our ongoing local business, while continuing to deliver the high-quality results we are known for.”
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