Global legacy acquirer RiverStone International has entered into a loss portfolio transfer (LPT) with Clear Spring Property and Casualty Company, a subsidiary of Delaware Life Insurance, covering approximately $325 million in net reserves.
This announcement comes days after RiverStone International unveiled its ILS debut with an LPT of portfolios associated with funds managed by Leadenhall Capital Partners.
2026 has been a busy year for the run-off specialist, with numerous hires secured, expansion into Australia, and various transactions, including the recently completed $1.6 billion in LPTs with QBE Insurance Group.
The LPT with Clear Spring covers discontinued US workers’ compensation business from accident years 2018–2025, providing the P&C insurer with operational and economic finality for the discontinued portfolio. RiverStone International will assume claims control and oversight of the existing third-party administrators.
Reinsurance broker Gallagher Re acted as sole advisor and broker on the transaction, which remains subject to customary closing conditions and applicable regulatory approvals.
Paul Brockman, Group CEO, RiverStone International, said: “This transaction reflects RiverStone’s disciplined approach to acquiring legacy portfolios where our specialist claims capabilities can create value for all stakeholders. The portfolio is well aligned with our extensive experience in US workers’ compensation, and we look forward to working closely with Clear Spring and its claims partners to ensure an orderly transition.”
Jim Purvis, Clear Spring’s CEO, commented: “This agreement represents an important step in our strategy to focus resources on our core markets. RiverStone’s specialist experience and established operating model make it a strong partner for the responsible long-term management of this portfolio.”
