RiverStone International has entered into an agreement with QBE to provide a loss portfolio transfer reinsurance (LPT) for a number of QBE subsidiaries, following regulatory approval.
The LPT has been effective since 1 July 2024, and will now include QBE’s Lloyd’s syndicates after receiving all requisite approvals.
Commenting on the deal, David Rocke, group head of M&A and managing director of RiverStone International Bermuda, states: “In our continuing drive to become the premier acquirer of legacy business, we are very pleased to close this important transaction with QBE.”
He continues: “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.”
Nick Schulson, CEO of RiverStone International Insurance, concludes: “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.”
