Riverstone International has entered into a loss portfolio transfer reinsurance (LPT) and an insurance business transfer agreement with the French branch of Zurich Insurance.
The agreement includes French closed motor and architect and engineer professional indemnity portfolios.
Upon receipt of regulatory approvals, Riverstone International Ireland will assume full responsibility for the DAC portfolios.
The move, said to leverage Riverstone’s global structure, provides Riverstone International Bermuda Limited Lpt.
David Rocke, MD and Head of M&A at Riverstone International Bermuda Ltd commented: “It is a great pleasure to work with the Zurich team again to deepen the relationship between our organisations”.
Brian Myles, CEO of Riverstone International Ireland, said: “We are delighted to be working on these transactions with Zurich and look forward to fully integrating the portfolio during 2025, while providing a high level of service to Zurich policyholders. While continuing to provide.”
This November, Riverstone concluded An LPT deal with QBE Insurance Group.
The deal takes Riverstone’s subsidiaries to subject reserves of $1.2bn (£925.35m).
It covers a diversified portfolio from international and North American markets, covering premiums earned up to 30 June 2024.
Riverstone International has been engaged in various transactions such as portfolio transfers, reinsurance deals, and company acquisitions.
According to its website, Riverstone International has acquired more than $15.5 billion in liabilities since 2010 and has approximately $6 billion in liabilities under live management.
With a global presence, Riverstone operates through a number of offices and affiliates in the UK, Malta, Ireland and Bermuda.
“Riverstone seals LPT deal with Zurich France group” was originally created and published by Life Insurance InternationalA GlobalData owned brand.
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