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RiverStone completes legacy deals covering $1.6bn of QBE reserves

The London-headquartered run-off specialist also entered into its first insurance-linked securities deal, covering portfolios tied to funds run by Leadenhall Capital Partners.

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RiverStone International has completed loss portfolio transfer reinsurance deals with QBE Insurance Group covering about $1.6bn of QBE reserves, the legacy specialist said on 30 October.

The transactions were first announced on 14 August, subject to regulatory approval. They cover North American middle market and workers' compensation portfolios and European liability books.

On the same day, RiverStone said it had entered into loss portfolio transfer reinsurance covering portfolios associated with funds managed by Leadenhall Capital Partners, its first involvement in the insurance-linked securities market. Leadenhall is a London-based investment manager founded in 2008 as a joint venture between Amlin and a management team. Aon was broker of record.

The deals came in the same week that Markel Group entered into an adverse development cover agreement with Enstar, which will provide $1.2bn of cover above $4.8bn of subject reserves for a $120m risk premium, Insurance Journal reported on 30 October.

"Completing these transactions demonstrates RiverStone's ability to deliver complex legacy solutions at scale," said Paul Brockman, group chief executive of RiverStone International.

"This is an important milestone for RiverStone as our first involvement in the insurance-linked securities market," said David Rocke, chief executive of RiverStone International Bermuda and group head of M&A.

RiverStone, which is headquartered in London, says it has acquired more than $18bn of liabilities across 49 deals since 2010. The largest covered about $1.9bn of reserves. It has about $4.7bn of liabilities under live management and employs more than 500 people across offices in the UK, US, Malta, Ireland and Bermuda.

Related coverage: MS Amlin says AI tool will halve reinsurance wording review time and Travelers cedes more cyber premium to reinsurers from 1 October.

Sources

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