Legacy reinsurance and run-off specialist RiverStone International has announced a loss portfolio transfer (LPT) deal with Pacific Valley Insurance Company, a Lyft subsidiary.
The LPT, covering a commercial auto liability (CAL) portfolio, will be effective January 1, 2025. Guy Carpenter served as the broker for the transaction.
Nick Schulson, CEO of RiverStone International Insurance, commented: “We are thrilled to partner with Pacific Valley Insurance Company to complete our first transaction directly within RiverStone International’s recently-acquired US entity.
“We appreciate the opportunity to work on this loss portfolio transfer and recognise Lyft’s commitment to effective risk management.
Furthermore, Schulson emphasised the company’s dedication to growth in the US market. He added: “This loss portfolio transfer reinsurance marks a strong step in our commitment to expanding our presence in the US market, leveraging our robust platform and operations to deliver a tailored and effective solution for our client.
“RiverStone International is delighted to strengthen relationships and grow our scale in North America, and we welcome the opportunity to provide professional legacy solutions to markets in this region.”
