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RiverStone signs reinsurance deals covering $1.6 billion of QBE reserves
The loss portfolio transfer agreements cover North American middle-market and workers’ compensation portfolios, plus European liability books, pending regulatory approval.
RiverStone International has entered into loss portfolio transfer reinsurance agreements with QBE Insurance covering approximately $1.6 billion of reserves, according to Coverager. The deals cover North American middle-market and workers’ compensation portfolios and also European liability books.
The transactions are subject to regulatory approval, and they transfer responsibility for managing the covered legacy liabilities to RiverStone. Coverager reports the agreements expand an existing relationship and are designed to give QBE greater certainty around the reserves included in the transfers.
In a statement, RiverStone CEO Paul Brockman said the companies are strengthening a long-standing partnership focused on tailored legacy solutions across multiple lines of business and jurisdictions. He also described the transfers as a way to provide finality and certainty for long-tail liabilities.
Coverager also notes that RiverStone’s underwriting agency expanded its motor insurance team with three appointments, and that its platform was developed alongside broker partners and will continue evolving based on broker feedback.