RiverStone International has made an Australian acquisition and completed a portfolio transaction with Zurich to launch operations here.

The legacy reinsurer and run-off specialist has bought locally domiciled insurer RiverStone International Australia for an undisclosed amount.

The separate Zurich deal primarily covers the Swiss insurer’s Australian legacy professional indemnity, general liability and workers’ compensation portfolios.

RiverStone says the deal applies to policies in run-off for underwriting year 2023 and earlier, with total net nominal reserves exceeding $400 million.

“This is a major milestone for RiverStone International,” group CEO Paul Brockman said.

“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.”

Mark Fleiser has been appointed MD of the Australian business. He was HDI Global Specialty’s Australia MD from 2022 to 2024, according to his LinkedIn.

RiverStone says it is now “well positioned to support the Australian market with disciplined, specialist legacy solutions”.

Zurich Australia and New Zealand head of general insurance Alex Morgan says the deal marks a “key moment as we seek to invest further in scaling and innovating our ongoing local business, while continuing to deliver the quality outcomes we are known for”.

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