RiverStone International today announced the establishment of an Australian operation, marked by the acquisition of a locally domiciled insurer and the appointment of an experienced managing director. Concurrently, RiverStone International also announces a significant legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company (collectively, Zurich).
RiverStone International has acquired RiverStone International Australia PTY LTD, which will support the Group’s global legacy offerings in the Australian market. RiverStone International is also pleased to announce the appointment of Mark Fleiser as managing director of RiverStone International’s Australian operations.
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, and is recognised for building high-performing teams and managing specialty portfolios within strong regulatory and risk frameworks.
Concurrently, RiverStone International has also entered into a legacy portfolio transaction with Zurich, primarily covering 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 400 million. Liabilities will initially be transferred via a loss portfolio transfer (LPT) reinsurance to RiverStone’s Bermuda company (RiverStone International Bermuda).
Paul Brockman, group chief executive officer of RiverStone International, 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.”
Andy Creed, group president of RiverStone International, added:
“It is a pleasure to once again work with Zurich in supporting their strategic initiatives. The ongoing relationship we have built with Zurich is testament to the strength of RiverStone International’s operations and our commitment to building long-term partnerships with key clients. This transaction demonstrates RiverStone International’s ability to execute complex legacy solutions within a robust regulatory framework.”
Alex Morgan, head of general insurance, Zurich Australia & New Zealand, said: “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.”