Zurich legacy portfolios move under LPT arrangement
In parallel with the establishment of its Australian platform, RiverStone International has entered a legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company (collectively, Zurich), transferring a range of discontinued Australian lines. The transaction relates primarily to Zurich’s Australian legacy professional indemnity, general liability, and workers’ compensation portfolios. It covers business in run-off for underwriting years 2023 and prior, with total net nominal reserves in excess of $400 million. Liabilities will initially be ceded via a loss portfolio transfer (LPT) reinsurance agreement to RiverStone International Bermuda, the group’s Bermuda-based entity. The structure moves the identified run-off exposures from Zurich’s balance sheet to a specialist legacy carrier, subject to regulatory approvals and contractual conditions.