UK-based RiverStone International is establishing an Australian operation through the acquisition of a locally domiciled insurer, the appointment of a managing director for the business, and a legacy portfolio transaction with Zurich’s Australian general insurance operations.
RiverStone International has acquired RiverStone International Australia Pty Ltd, an Australian-incorporated insurer that will support the group’s legacy and run-off activities in the local market. The company has named Mark Fleiser as managing director of its Australian operations. Fleiser has more than two decades of senior roles in the Australian general insurance sector, as well as experience in New Zealand, across underwriting, portfolio management, governance, reinsurance, and claims. His background includes oversight of specialty portfolios within established prudential and risk frameworks.
RiverStone International group chief executive officer Paul Brockman said the Australian operation forms part of the group’s broader expansion of its legacy and specialty business. “This is a major milestone for RiverStone International. Establishing a presence in Australia is a terrific step forward for the business, materially expanding our global footprint and reflecting the momentum we are building. It marks an important stage in our evolution as a truly global legacy and specialty insurer,” Brockman said.
In parallel with the establishment of its Australian platform, RiverStone International has entered a legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company (collectively, Zurich), transferring a range of discontinued Australian lines. The transaction relates primarily to Zurich’s Australian legacy professional indemnity, general liability, and workers’ compensation portfolios. It covers business in run-off for underwriting years 2023 and prior, with total net nominal reserves in excess of $400 million. Liabilities will initially be ceded via a loss portfolio transfer (LPT) reinsurance agreement to RiverStone International Bermuda, the group’s Bermuda-based entity. The structure moves the identified run-off exposures from Zurich’s balance sheet to a specialist legacy carrier, subject to regulatory approvals and contractual conditions.
RiverStone International group president Andy Creed said the transaction adds to previous engagements between the two organisations. “It is a pleasure to once again work with Zurich in supporting their strategic initiatives. The ongoing relationship we have built with Zurich is testament to the strength of RiverStone International’s operations and our commitment to building long-term partnerships with key clients. This transaction demonstrates RiverStone International’s ability to execute complex legacy solutions within a robust regulatory framework,” Creed said.
From Zurich’s standpoint, the deal forms part of its capital and portfolio management approach in Australia and New Zealand. Alex Morgan, head of general insurance, Zurich Australia & New Zealand, said: “Zurich is pleased to have worked with RiverStone on this transaction, which builds upon an existing relationship between the two organisations. Zurich’s Australian ongoing general insurance business holds a strong position in the market, with significant growth ambitions. This transaction represents a key moment as we seek to invest further in scaling and innovating our ongoing local business, whilst continuing to deliver the quality outcomes we are known for,” Morgan said.
RiverStone’s Australian launch and its Zurich legacy deal come at a time when insurance mergers and acquisitions in Asia-Pacific (APAC) are growing more rapidly than in other regions, even as broader dealmaking across sectors has moderated. Clyde & Co’s latest Insurance Growth Update reports that completed insurance M&A transactions in APAC rose to 59 in 2025, from 39 in 2024. The region accounted for four of the seven global “mega deals” valued at more than US$5 billion, supported by sizeable insurance transactions in Japan, Taiwan, and Hong Kong, as well as activity in established hubs.
By comparison, the Americas remained the largest market by number of insurance deals, recording 77 transactions in 2025, down from 92 the previous year. Europe saw 57 insurance deals, slightly above 56 in 2024, while the Middle East and Africa recorded 15 transactions, compared with 17 a year earlier. Clyde & Co’s analysis highlights that Japanese insurers have been active acquirers, using capital released from domestic portfolio changes to pursue overseas expansion. The firm expects this behaviour to continue in 2026, with Japanese groups focusing on cross-border transactions to diversify earnings and gain access to specific lines and territories.
