Legacy re/insurance specialist RiverStone International today announced that it has entered into a loss portfolio transfer with Clear Spring Property and Casualty Company covering discontinued US workers’ compensation business from accident years 2018 to 2025.

The transaction is intended to provide Clear Spring with operational and economic finality for the discontinued portfolio, with RiverStone assuming claims control and oversight of the existing third-party administrators. It covers approximately $325 million net reserves.

Paul Brockman, group chief executive officer of RiverStone International, said: “This transaction reflects RiverStone’s disciplined approach to acquiring legacy portfolios where our specialist claims capabilities can create value for all stakeholders.

“The portfolio is well aligned with our extensive experience in US workers’ compensation, and we look forward to working closely with Clear Spring and its claims partners to ensure an orderly transition.”

Jim Purvis, Clear Spring’s CEO, said: “This agreement represents an important step in our strategy to focus resources on our core markets. RiverStone’s specialist experience and established operating model make it a strong partner for the responsible long-term management of this portfolio.”

Gallagher Re acted as sole adviser and broker on the transaction.

The transaction remains subject to customary closing conditions and applicable regulatory approvals.

RiverStone is an acquirer and reinsurer of legacy and discontinued insurance business. The company has operations in Bermuda, the Lloyd’s of London market, the US and Europe.