RiverStone International signs a second loss portfolio transfer reinsurance agreement with Pacific Valley Insurance Company, the wholly owned insurance subsidiary of ride-hailing company Lyft. The transaction is effective from 1 July 2026. Guy Carpenter acts as broker of record. The agreement follows a first loss portfolio transfer between the two parties, announced in March 2025, which covered a commercial auto liability portfolio and took effect from 1 January 2025. That transaction was the first completed directly within RiverStone International's recently acquired US entity, with Guy Carpenter also acting as broker of record. Paul Brockman, group chief executive of RiverStone International, says: “We are delighted to have the opportunity to partner once again with Pacific Valley Insurance Company and Lyft on this transaction. This repeat transaction reflects the depth of the relationship between our organisations and demonstrates the value of long-term partnerships in the legacy market.” Brockman adds: “We are pleased to continue supporting Lyft’s risk management and capital optimisation objectives and look forward to further developing our relationship in the years ahead. This transaction further strengthens our presence in North America and reinforces our commitment to providing innovative legacy solutions to clients across the region.” Pacific Valley Insurance Company is used by Lyft to reinsure substantially all of the company's US auto-related risk, according to Lyft's regulatory filings. The captive has featured in a series of legacy transactions, including a reinsurance agreement with DARAG, written through DARAG Bermuda, covering commercial auto liabilities with underlying reserves estimated at approximately US$250 million. RiverStone International is an acquirer and reinsurer of legacy and discontinued insurance business, operating in the UK company and Lloyd's of London markets, and in Bermuda, the US and Europe. The firm has transacted insurance and reinsurance portfolio transfers and company purchases, acquiring more than US$18 billion of liabilities since 2010, and holds around US$4.7 billion of total liabilities.
