London-headquartered RiverStone International has announced the establishment of an Australian operation, marked by the acquisition of locally domiciled RiverStone International Australia.
At the same time, the company, which specialises in the acquisition and management of legacy business, announced a legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company (collectively, Zurich). The transaction primarily focuses on Zurich’s Australian legacy professional indemnity, general liability and workers’ compensation portfolios.
The transaction covers policies in run-off for underwriting years 2023 and prior, with total net nominal reserves exceeding A$400m ($284.7m). Liabilities will initially be transferred via a loss portfolio transfer reinsurance to RiverStone’s Bermuda company.
“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,” said RiverStone International Group CEO Paul Brockman.
Zurich Australia and New Zealand Head of General Insurance Alex Morgan added, “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.”
RiverStone International has appointed Mr Mark Fleiser as managing director of the Australian operations. Mr Fleiser brings more than 20 years of senior experience in the Australian general insurance market, with additional New Zealand experience. He has held leadership roles across underwriting, portfolio management, governance, reinsurance and claims.