RiverStone International has entered into loss portfolio transfer reinsurance agreements with QBE Insurance, covering approximately $1.6bn of reserves.
The transactions cover North American middle-market and workers' compensation portfolios, as well as European liability books. They remain subject to regulatory approval.
The agreements expand the companies' existing relationship and transfer responsibility for managing the legacy liabilities to RiverStone. In doing so, they provide QBE with greater certainty around the covered reserves.
Paul Brockman, group chief executive officer of RiverStone International, welcomed the deal.
"We are pleased to have entered into these transactions with QBE Insurance Group, further strengthening a long-standing relationship built on delivering tailored legacy solutions across multiple lines of business and jurisdictions. These transactions demonstrate the breadth of RiverStone International's capabilities and the strength of our global platform in providing finality and certainty for complex long-tail liabilities. We look forward to continuing our partnership with QBE," said Brockman.
