RiverStone adjusted profit up 20% to $300 million in 2024
By Michael Jones
May 1 - (The Insurer) - Legacy specialist RiverStone International has reported an adjusted profit before tax of $300 million for 2024, an increase of 20% on the prior year.
The company said in its annual report that underwriting profit increased by 22% year on year to $260 million for 2024. It said this was equivalent to a 5.1% underwriting return on reserves.
Return on opening adjusted tangible book value was 19.1% in 2024 compared to 17.5% in the prior year, CFO Andrew Creed said. He added that since CVC acquired RiverStone International in 2021, it has delivered average annualised growth in adjusted tangible book value of 17.2%.
Gross technical liabilities were flat year on year at $5.7 billion, while RiverStone International's ceded technical provisions decreased by 49% on the prior year to $0.6 billion.
The firm acquired $2.6 billion in net claims outstanding in 2024, $0.4 billion more than the amount acquired in 2023. It closed six transactions in the year compared to seven in 2023.
RiverStone International's investment income of $259 million was up 22.75% on 2023's $211 million. The 2024 figure was equivalent to a yield of 4.9%.
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