RiverStone International today announced that it has signed an agreement with Pacific Valley Insurance Company, a wholly owned subsidiary of Lyft, to provide a loss portfolio transfer reinsurance (LPT) for a commercial auto liability (CAL) portfolio effective from 1 January 2025.
Nick Schulson, CEO of RiverStone International Insurance, said: “We are thrilled to partner with Pacific Valley Insurance Company to complete our first transaction directly within RiverStone International’s recently-acquired US entity. We appreciate the opportunity to work on this loss portfolio transfer and recognise Lyft’s commitment to effective risk management. This loss portfolio transfer reinsurance marks a strong step in our commitment to expanding our presence in the US market, leveraging our robust platform and operations to deliver a tailored and effective solution for our client. RiverStone International is delighted to strengthen relationships and grow our scale in North America, and we welcome the opportunity to provide professional legacy solutions to markets in this region.”
Guy Carpenter was the broker of record.