RiverStone International has completed a second loss portfolio transfer (LPT) reinsurance agreement with Pacific Valley Insurance Company, a captive wholly owned by ride-sharing company Lyft. The transaction is effective from July 1, with Guy Carpenter acting as broker of record.
Pacific Valley Insurance Company is Lyft's primary vehicle for reinsuring substantially all of the company's US auto-related risk, according to Lyft's regulatory filings. The captive has featured in a series of legacy transactions. An earlier reinsurance deal with DARAG Bermuda covered commercial auto liabilities with underlying reserves estimated at approximately US$250 million.
The current deal follows a first LPT signed in March 2025 that covered a commercial auto liability portfolio and took effect from January 1, 2025. That transaction was the first RiverStone completed directly within its recently acquired US entity, with Guy Carpenter again acting as broker of record.
Repeat transactions of this kind are a noted pattern in the legacy market. Aon's April 2026 Lloyd's Legacy Report found that repeat sellers account for around two-thirds of reserves transacted since 2015. Many carriers now treat legacy solutions as a recurring capital management strategy rather than a one-off exercise.
For captive structures such as Pacific Valley, LPTs offer a route to releasing capital without a full run-off or asset sale. The mechanism transfers reserve risk and long-tail exposures to a specialist reinsurer. Balance sheet certainty improves without the complexity of a full corporate transaction.
The deal signals continued corporate demand for legacy solutions as US companies seek to free up capital tied to run-off liabilities. RiverStone International has acquired more than US$18 billion of liabilities since 2010 and holds around US$4.7 billion in total liabilities. The group posted a profit before tax of US$295 million in 2025, up from US$287 million the prior year.
Paul Brockman, group chief executive of RiverStone International, said the deal reflected the durability of the firm's client relationships. "This repeat transaction reflects the depth of the relationship between our organisations and demonstrates the value of long-term partnerships in the legacy market," Brockman said.
He added that the firm expects to continue expanding in North America. "This transaction further strengthens our presence in North America and reinforces our commitment to providing innovative legacy solutions to clients across the region," he said.
The Beverly, Massachusetts-headquartered group operates across the UK company and Lloyd's of London markets, as well as in Bermuda, the US, and Europe. In early 2026, the group extended its reach through the acquisition of a locally domiciled Australian insurer.
