RiverStone, a US-based insurance runoff specialist of the Fairfax insurance group, has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), effective August 2022.
Western P&C was formed in Vermont to support a group of companies as to its automobile liability, general liability and workers’ compensation exposures, on a deductible reimbursement basis.
The Vermont Department of Financial Regulation has approved the acquisition. In addition, the shareholders of Western P&C will enter into a stock purchase agreement with Fairfax.
Matt Kunish, chief business development officer at RiverStone, says: “I am pleased to announce RiverStone’s first venture into the Vermont captive community.
“This is an exciting step for RiverStone as we look to take advantage of the various opportunities the Vermont captive market has to offer.”
