The transaction, effective July 1, 2024, received all required regulatory approvals, with RiverStone subsidiaries assuming $1.2 billion in reserves as of that date.
David Rocke (pictured above), group head of M&A and managing director of RiverStone International Bermuda, described the transaction as a key milestone in the company’s legacy acquisition strategy.
“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,” Rocke said.
Group CEO of RiverStone International, Luke Tanzer, also said the transaction underscores the company’s commitment.
“This transaction confirms our commitment to international growth and demonstrates our global capability through the utilization 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,” Tanzer said.
Nick Schulson, CEO of RiverStone International Insurance, also welcomed the new colleagues from QBE, remarking on the value their expertise will bring to the firm’s 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,” Schulson said.
RiverStone International operates as an acquirer and reinsurer of legacy and discontinued insurance business across the UK, Bermuda, Lloyd’s, and European markets. Since 2010, the company has acquired over $15.5 billion in liabilities through portfolio transfers and company acquisitions, with total liabilities around $6.4 billion.
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