Legacy sector leader RiverStone International has reported $260 million in underwriting profits for 2024, up 22% from 2023’s $213 million.
RiverStone also disclosed $2.6 billion in net claims outstanding acquired in 2024, up from $2.2 billion in 2023, with six transactions closed in 2024.
RiverStone’s investment income also improved in 2024, rising to $259 million from $211 million in 2023, while adjusted profit before tax increased to $300 million, up from $250 million in 2023.
Meanwhile, the firm’s total investments and cash reached $7.2 billion in 2024, an increase over 2023, while gross insurance liabilities remained unchanged at $5.7 billion.
Luke Tanzer, RiverStone International’s Group CEO, commented, “It gives me great pleasure to report that the landmark year of 2024, during which we celebrated our 25th anniversary, was another outstanding year for RiverStone International.
“As we look with confidence to the future, it is incredible to reflect on how far we have come and how much we have grown globally whilst steadfastly remaining true to our values and culture, which make RiverStone International the exceptional company it is today.
“Through our global growth, we have expanded our reach to unlock the path forward for our clients, gaining direct access to additional markets and the ability to leverage any of our highly capable operating platforms to deliver best-in-class services across the UK, Europe and North America.”
Tanzer continued, “During 2024, we continued to execute on our growth and international expansion strategy. For the second year in a row, we closed a single transaction of over $1 billion net reserves, and in total we acquired net reserves exceeding $2 billion for the fourth successive year.
“We closed our third Bermudian reinsurance transaction early in the year, followed by the finalisation of the acquisitions of our Ireland and US entities in February and June, respectively. Then in October, we completed a strategically important transaction with QBE Insurance Group, which utilised our Bermudian, US and Lloyd’s platforms.
“Additionally, the reinsurance transactions which we closed at the end of the year will lead to Business Transfers into RiverStone International Ireland DAC and RiverStone Insurance (UK) Limited in 2025.
“It has been another incredible year of growth not only in terms of the total net reserves acquired, but also in expanding our global footprint with the acquisition of two incredibly strong operationally capable platforms, which have seamlessly integrated into our group. We are thrilled to have them onboard and look forward to maximising the potential of these platforms alongside the strength of our existing operations.”
