RiverStone agrees to take two run-off books as Premia closes Cowen Re

SiriusPoint agreed to transfer substantially all its remaining run-off reserves to RiverStone in a loss portfolio transfer expected to release more than $200 million, subject to regulatory approval.

RiverStone separately agreed to take a $325 million workers' compensation run-off portfolio from Clear Spring, covering accident years 2018 to 2025. Existing third-party administrators stay in place under RiverStone's oversight, so claims handling does not move.

For allocators tracking SiriusPoint, the more than $200 million is an expected release rather than a booked one: the reserves stay on the balance sheet until regulators approve the transfer.

Taken together, the two agreements leave RiverStone as the counterparty on both books. SiriusPoint's transfer covers substantially all of its remaining run-off reserves, which suggests a fuller exit from legacy than a single portfolio sale would.

Premia closed its purchase of Cowen Reinsurance from TD Bank, and the business will operate as Premia Reinsurance Europe after Luxembourg's Commissariat aux Assurances approved the deal.

That is a change of ownership in a reinsurance company; RiverStone's agreements take defined portfolios of reserves off two carriers.

The timing differs too: Premia's approval is in hand and its deal has closed, while the SiriusPoint transfer still awaits regulatory approval.

If regulators clear the SiriusPoint transfer, the operative phrase is "substantially all": little of its run-off book would be left to transfer again.