Bermudian-based RiverStone International has announced that the 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.

The LPT is effective July 1, 2024, and RiverStone subsidiaries have assumed subject reserves of $1.2 billion as of that date.

David Rocke, group head of M&A and managing director of RiverStone International Bermuda Ltd, 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, said: “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 Inc, 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.”