RiverStone International, a global specialist in acquiring and managing legacy insurance and reinsurance portfolios, has agreed to take on around $400m in net legacy reinsurance liabilities from SiriusPoint, a Bermuda-headquartered global specialty insurer and reinsurer. The loss portfolio transfer (LPT) will allow SiriusPoint to exit a block of older liabilities as it seeks to simplify its business and strengthen its capital position.
The loss portfolio transfer (LPT) covers legacy reinsurance liabilities held by SiriusPoint, with RiverStone assuming responsibility for the portfolio on a net basis. The transaction marks the first time the two companies have worked together.
The agreement enables SiriusPoint to exit a block of older liabilities, while giving RiverStone a sizeable addition to its legacy insurance portfolio.
RiverStone developed a bespoke structure for the transaction, tailored to SiriusPoint’s specific requirements. The company said the deal demonstrates its ability to design customised legacy arrangements for counterparties with different portfolio needs.
Marsh Re acted as broker of record.
SiriusPoint underwrites specialty risks for clients and brokers worldwide, operating from its Bermuda headquarters and offices including New York, London and Stockholm. Its shares trade on the New York Stock Exchange under the ticker SPNT.
The group holds licences to write property and casualty, as well as accident and health insurance and reinsurance, across global markets. It also works with managing general agents (MGAs) and programme administrators through strategic partnerships.
SiriusPoint has more than $3bn in total capital, while its operating companies hold A financial strength ratings from AM Best, Fitch and S&P, alongside an A3 rating from Moody’s.
RiverStone International group CEO Paul Brockman said, “This transaction reflects RiverStone’s ability to deliver tailored legacy solutions for complex portfolios. We are pleased to have completed our first transaction with SiriusPoint and to have developed a loss portfolio transfer that meets its specific requirements. The deal further demonstrates the breadth of solutions we can provide to counterparties seeking to address legacy liabilities.”
SiriusPoint CEO Scott Egan added, “This transaction marks another important step for SiriusPoint, further simplifying our business, strengthening our capital position, and closing the chapter on our legacy portfolio. We are pleased to be partnering with RiverStone, which has deep expertise in the legacy market.”
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