RiverStone International has established an Australian operation, marked by the acquisition of a locally domiciled insurer, while also announcing a legacy portfolio transaction with Zurich.
The insurer has acquired RiverStone International Australia PTY LTD, which will support the group’s global legacy offerings in the Australian market.
As part of the move, RiverStone has also announced the appointment of Mark Fleiser as managing director of its Australian operations. Fleiser has more than 20 years of senior experience in the Australian general insurance market, with additional New Zealand experience.
The group’s legacy portfolio transaction with Zurich primarily covers 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 AUD$400m.
Liabilities will initially be transferred via a loss portfolio transfer reinsurance to RiverStone’s Bermuda company, RiverStone International Bermuda.
Group CEO of RiverStone International, Paul Brockman, 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.”
Head of general insurance at Zurich Australia and New Zealand, Alex Morgan, 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.”
