RiverStone International has completed the acquisition of Electric Insurance Company (EIC) from General Electric (GE), as well as its two subsidiaries, Elm Insurance Company and Electric Insurance Agency.
EIC is a captive insurer based in Massachusetts and licensed in all 50 US states. This move aims to enable RiverStone to explore opportunities in North America.
RiverStone International is an acquirer and reinsurer of legacy and discontinued insurance businesses operating in Lloyd's of London and the UK, Bermuda, and Europe. The firm has acquired more than US$14.5 billion in liabilities since 2010.
Luke Tanzer, CEO of RiverStone International, says: “The acquisition of EIC represents a significant milestone in our journey to become the leading global legacy provider and reflects our commitment to grow our footprint globally.”
