RiverStone International has made a significant move by signing a deal with Pacific Valley Insurance Co., a subsidiary of Lyft. This agreement involves a loss portfolio transfer reinsurance for a commercial auto liability portfolio. The deal will take effect on January 1, 2025.
Guy Carpenter acted as the broker for this transaction. RiverStone International is known for acquiring and reinsuring legacy and discontinued insurance businesses. They operate mainly in the U.K., Lloyd’s of London markets, Bermuda, the U.S., and Europe. Pacific Valley Insurance, on the other hand, is based in California.
This partnership is noteworthy as it highlights the ongoing evolution in the insurance industry, particularly in the ridesharing sector. By securing this deal, RiverStone is positioning itself to manage risks associated with commercial auto liability, which is crucial for companies like Lyft that operate in the fast-growing rideshare market.
As the ridesharing economy continues to expand, agreements like this one are essential for ensuring that companies can effectively manage their liabilities and continue to operate smoothly.