RiverStone International has signed a loss portfolio transfer (LPT) reinsurance agreement with Pacific Valley Insurance Company, a wholly owned subsidiary of Lyft.
The transaction covers a commercial auto liability (CAL) portfolio effective Jan. 1.
The agreement represents RiverStone International’s first LPT transaction executed directly through its recently acquired US entity. Guy Carpenter served as the broker of record on the deal.
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Nick Schulson, CEO of RiverStone International Insurance, said the deal supports the company’s effort to grow its presence in the US and strengthen its platform for legacy solutions.
RiverStone International specializes in acquiring and reinsuring legacy and discontinued insurance businesses. It operates in the UK and Lloyd’s of London markets, as well as in Bermuda and the USA.
In 2024, RiverStone International reported significant financial metrics. The company managed total gross liabilities of $6.9 billion and assets totaling $8.5 billion as of Dec. 31.
Additionally, RiverStone International had acquired more than $17.3 billion in gross liabilities since 2010, reflecting its active role in the legacy insurance market.
The Pacific Valley transaction is the latest in a series of reinsurance and legacy deals for RiverStone International. In February, the company also reached a reinsurance-to-close (RITC) agreement with Asta Managing Agency, transferring the 2022 underwriting year of account for Hampden Risk Partners (HRP) Syndicate 2689 into RiverStone International Syndicate 3500.
The transaction included net technical provisions valued at £62.5 million as of the third quarter of 2024.
In January, RiverStone also signed a deal with Zurich Insurance Europe and Zurich Insurance Company’s French branch for an LPT and insurance business transfer covering discontinued French motor and architects and engineers professional indemnity portfolios.
RiverStone also finalized an LPT agreement in November 2024 with QBE involving multiple subsidiaries, including Lloyd’s syndicates. That transaction became effective on July 1, 2024, following regulatory approvals. RiverStone assumed $1.2 billion in reserves under the terms of that deal.
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