Legacy reinsurance specialist RiverStone International has entered into a loss portfolio transfer reinsurance of portfolios associated with funds managed by Leadenhall Capital Partners.

The agreement marks RiverStone’s first involvement in the insurance-linked securities market, an important and growing segment of the global reinsurance industry.

RiverStone International, which is headquartered in London and has operations in Bermuda, is an acquirer and reinsurer of legacy and discontinued insurance business.

RiverStone has transacted a wide variety of deals — from insurance and reinsurance portfolio transfers to company purchases, acquiring more than $18 billion of liabilities since 2010 and with around $4.7 billion of total liabilities.

David Rocke, chief executive officer of RiverStone International Bermuda and group head of M&A, said: “This is an important milestone for RiverStone as our first involvement in the ILS market. It demonstrates our ability to provide tailored legacy solutions across a broad range of counterparties and risk structures.”

Aon was the broker of record.

RiverStone also announced the completion of a number of loss portfolio transfer reinsurance transactions with QBE Insurance Group, representing approximately $1.6 billion of reserves.

First announced in August this year, the transactions cover North American Middle Market and Workers’ Compensation portfolios and European liability books.

Paul Brockman, group CEO of RiverStone International, said: “Completing these transactions demonstrates RiverStone’s ability to deliver complex legacy solutions at scale. Our global platform, expertise and capital enable us to address portfolios across multiple lines and jurisdictions, creating meaningful certainty for our partners.

“Our relationship with QBE has been built over the years, and these transactions are another strong example of what a successful partnership can deliver.”