Acquirer and reinsurer of legacy and discontinued insurance business RiverStone International has signed an agreement with Zurich Insurance Europe and Zurich Insurance Company’s French branch.
The agreement was for a loss portfolio transfer reinsurance (LPT) as well as an insurance business transfer in relation to the French discontinued motor and architects & engineers (A&E) professional indemnity portfolios.
Speaking on the deal, RiverStone International Bermuda Group head of M&A and managing director David Rocke expressed his delight in working with Zurich for the agreement.
“It was a delight to work with the Zurich team again in deepening the connection between our respective organisations,” said Rocke.
“We are delighted to have worked with Zurich on these transactions and look forward to fully integrating the portfolios during 2025, whilst continuing to provide the highest level of service to Zurich's insureds,” said RiverStone International Ireland CEO Brian Myles.
The transactions with Zurich serve as an important milestone for RiverStone International as it reinforces its footprint in Europe.
In November 2024, RiverStone International finalized an agreement with QBE for an LPT reinsurance arrangement which involved some of its subsidiaries along with Lloyd’s syndicates. The transaction, which was worth $1.2 billion in reserves that was assumed by RiverStone subsidiaries, was part of its commitment to grow internationally while demonstrating its capability as it utilized its platforms in Bermuda, the US, and Lloyd’s.
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