RiverStone International, an acquirer and reinsurer of legacy and discontinued insurance business, has launched in Australia through the acquisition of a locally domiciled insurer and a significant legacy portfolio transaction with global insurance carrier Zurich.
The global legacy firm has acquired RiverStone International Australia PTY LTD to support the Group’s offerings in the Australian marketplace.
Mark Fleiser, who has more than two decades of senior experience in the Australian general insurance market, will lead RiverStone International’s Australian operations as Managing Director. He brings additional experience in the New Zealand market to the role, and during his career has held leadership roles across underwriting, portfolio management, governance, reinsurance, and claims.
At the same time, RiverStone International has entered into a legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company, which primarily covers Zurich’s Australian legacy professional indemnity, general liability, and workers’ compensation portfolios.
The legacy deal covers policies in run-off for underwriting years 2023 and prior, with total net nominal reserves exceeding AUD 400 million. RiverStone explains that liabilities will initially be transferred via a loss portfolio transfer reinsurance to RiverStone International Bermuda.
Paul Brockman, Group Chief Executive Officer of RiverStone International, said: “This is a major milestone for RiverStone International. Establishing a presence in Australia is a terrific step forward for the business, materially expanding our global footprint and reflecting the momentum we are building. It marks an important stage in our evolution as a truly global legacy and specialty insurer.”
Andy Creed, Group President, RiverStone International, commented: “It is a pleasure to once again work with Zurich in supporting their strategic initiatives. The ongoing relationship we have built with Zurich is testament to the strength of RiverStone International’s operations and our commitment to building long-term partnerships with key clients. This transaction demonstrates RiverStone International’s ability to execute complex legacy solutions within a robust regulatory framework.”
Alex Morgan, Head of General Insurance, Zurich Australia & New Zealand, added: “Zurich is pleased to have worked with RiverStone on this transaction, which builds upon an existing relationship between the two organisations.
“Zurich’s Australian ongoing general insurance business holds a strong position in the market, with significant growth ambitions. This transaction represents a key moment as we seek to invest further in scaling and innovating our ongoing local business, whilst continuing to deliver the quality outcomes we are known for.”
