Riverstone International has closed its agreement with QBE to provide loss portfolio transfer reinsurance for various subsidiaries, including QBE’s Lloyd’s syndicates. The LPT is effective from 1st July 2024 and RiverStone International subsidiaries have assumed subject reserves of approximately £775m as of that date.

David Rocke, group head of M&A and managing director of RiverStone International Bermuda, 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.”