(Updates with further details and background throughout)
Aug 9 (Reuters) - Australia's QBE Insurance (QBE) said on Friday it had entered transactions with Britain-based RiverStone International and global insurance group Enstar ESGR.O in a bid to de-risk the firm's exposure to reserves totalling about $1.6 billion.
The reinsurance deals with the parties will de-risk all of QBE's North America middle-market reserves and a small number of other portfolios in its international and North America businesses.
The reserves transaction will also lead to a $230 million net capital benefit for QBE in the second half of the year.
"Alongside prior reserve transactions, QBE has now protected ~20% of long tail reserves, which have collectively contributed over $1 billion in adverse prior development through recent periods," the firm said in a statement.
The deal will serve to further de-risk long-tail reserves for older accident years, QBE said, adding that it would drive greater capital efficiency for the firm.
News: QBE UPDATE 1-Australian insurer QBE taps RiverStone, Enstar to de-risk $1.6 bln reserves...
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