Insurance company RiverStone International has completed an LPT deal with QBE Insurance Group, effective 1 July 2024.
The agreement, which secured all necessary approvals, saw RiverStone subsidiaries assuming subject reserves of $1.2bn (£925.35m).
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Announced in August this year, the LPT agreement involves a diversified portfolio of business from international and North American markets, including premiums earned up to 30 June 2024.
RiverStone International group CEO Luke Tanzer 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.”
The deal also brings nearly 50 professionals from QBE into the RiverStone fold.
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By GlobalDataIt marks a major step in RiverStone’s acquisition strategy, bolstering the company’s Bermuda operations and leveraging the expertise from its recent expansion into the US market.
The transaction is also expected to enhance RiverStone’s position in the reinsurance sector.
RiverStone International Insurance CEO Nick Schulson said: “We are excited to welcome our new colleagues and look forward to building on their expertise to enhance our US operations. It is 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.”
In June this year, RiverStone completed its acquisition of Electric Insurance Company, including its subsidiaries Elm Insurance Company and Electric Insurance Agency.
