RiverStone International’s previously disclosed agreement with QBE to provide a loss portfolio transfer reinsurance for various QBE subsidiaries, including their Lloyd’s syndicates, has closed after receiving all requisite approvals.
RiverStone International subsidiaries have assumed subject reserves of US$1.2bn as of 1st July.
David Rocke, group head of M&A and managing director of RiverStone International Bermuda, said: “In our continuing drive to become the premier acquirer of legacy business, we are very pleased to close this important transaction with QBE. 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.”
Luke Tanzer, group chief executive officer of RiverStone International, added: “This transaction confirms our commitment to international growth and demonstrates our global capability through the utilisation 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.”
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