Riverstone International closes legacy deal with QBE

Legacy re/insurer RiverStone International Bermuda said its $1.2 billion loss portfolio transfer with QBE had closed. 

Under the agreement,  effective July 1, 2024, Riverstone International subsidiaries had assumed subject reserves of $1.2 billion as of that date.  

The reserve transaction incurred an upfront cost of approximately $85 million in the second quarter for QBE, split across the insurance operating result and restructuring and related expenses. 

QBE has also closed an LPT with Enstar in which an Enstar subsidiary has assumed net loss reserves from QBE of $376 million and provides approximately $175 million of cover in excess of the ceded reserves.

David Rocke, group head of M&A and managing director of RiverStone International Bermuda, said: “In our continuing drive to become the premier acquirer of legacy business, we are very pleased to close this important transaction with QBE.  It is a significant milestone in our acquisition strategy and considerably strengthens our Bermuda operations, leverages the platform and expertise of our newly acquired US operations and we welcome nearly 50 individuals from QBE. 

“We look forward to continuing to build our long-term partnership with QBE.”

Luke Tanzer, group chief executive officer of RiverStone International, added: “This transaction confirms our commitment to international growth and demonstrates our global capability through the utilisation of our Bermuda, US, and Lloyd’s platforms. We are delighted to be transacting and building our strategic relationship with QBE, one of the world’s leading insurance and reinsurance groups.”

Nick Schulson, CEO of RiverStone International Insurance, said: “We are excited to welcome our new colleagues and look forward to building on their expertise to enhance our US operations. It’s thrilling to be supporting RiverStone International’s growth so soon after joining the group. This integration is a testament to our commitment to strengthen our North American capabilities while fostering a collaborative and inclusive work environment.”

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.