Bermudian-based RiverStone International has announced an agreement with QBE to provide a loss portfolio transfer reinsurance for various QBE subsidiaries, including their Lloyd’s syndicates.

The company said this transaction covered a diversified portfolio of business from international and North America markets and includes premiums earned through June 30, 2024.

Pending regulatory approvals and satisfaction of closing conditions, the LPT will be effective July 1, 2024.

RiverStone subsidiaries will assume subject reserves of $1.2 billion.

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 that QBE has chosen RiverStone International for this transaction. This agreement marks a significant milestone in our acquisition strategy and considerably strengthens our Bermuda operations.

“Moreover, we will leverage the platform and expertise from our newly acquired US operations to manage this business, and welcome new talented colleagues from QBE upon closing. The collaboration between our teams during the structuring and negotiation phases has been exceptional and we look forward to building a 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.”

Nick Schulson, chief executive of RiverStone International Insurance, said: “We are excited to welcome our new colleagues and look forward to building on their expertise to enhance our US operations.

“It’s thrilling to be supporting RiverStone International's growth so soon after joining the group. This integration is a testament to our commitment to strengthen our North American capabilities while fostering a collaborative and inclusive work environment.”