Legacy and runoff specialist, RiverStone International, which has an office in Bermuda, has signed a second loss portfolio transfer reinsurance agreement with Pacific Valley Insurance Company.

Pacific Valley is a wholly owned subsidiary of Lyft, the American company offering ride-hailing services, e-scooters, and bicycle-sharing systems in the United States and Canada.

The transaction, which was effective July 1, builds on the strong and ongoing relationship between the parties, Riverstone said in a press statement.

Paul Brockman, group CEO of RiverStone International, said: “We are delighted to have the opportunity to partner once again with Pacific Valley Insurance Company and Lyft on this transaction.

“This repeat transaction reflects the depth of the relationship between our organisations and demonstrates the value of long-term partnerships in the legacy market.

“We are pleased to continue supporting Lyft's risk management and capital optimisation objectives and look forward to further developing our relationship in the years ahead.

“This transaction further strengthens our presence in North America and reinforces our commitment to providing innovative legacy solutions to clients across the region.”

RiverStone International operates in the UK company and Lloyd’s of London markets, US and Europe, apart from Bermuda.

RiverStone International has transacted 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.