The latest update from RiverStone International;
RiverStone International today announced the completion of a Loss Portfolio Transfer (LPT) transaction with SiriusPoint Ltd. (“SiriusPoint”), under which RiverStone assumes a portfolio of legacy reinsurance liabilities with net liabilities of approximately US$400 million. The transaction marks RiverStone’s first deal with SiriusPoint.
The transaction further demonstrates RiverStone’s ability to structure tailored legacy solutions that address the specific needs of counterparties across a broad range of portfolios. RiverStone developed a bespoke solution designed to meet SiriusPoint’s requirements, reflecting its flexible and solutions-led approach to the legacy market.
Paul Brockman, Group Chief Executive Officer of RiverStone International, said:
“This transaction reflects RiverStone’s ability to deliver tailored legacy solutions for complex portfolios. We are pleased to have completed our first transaction with SiriusPoint and to have developed a loss portfolio transfer that meets its specific requirements. The deal further demonstrates the breadth of solutions we can provide to counterparties seeking to address legacy liabilities.”
Scott Egan, Chief Executive Officer of SiriusPoint, said:
“This transaction marks another important step for SiriusPoint, further simplifying our business, strengthening our capital position, and closing the chapter on our legacy portfolio. We are pleased to be partnering with RiverStone, which has deep expertise in the legacy market.”
The broker of record was Marsh Re.
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