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.
The transaction received regulatory approval in January and closed on 2 February 2024
RiverStone International is an acquirer and reinsurer of legacy and discontinued insurance business
Legacy reinsurer RiversStone International has appointed Heather Thomas (pictured) and Jose Vazquez as independent non-executive directors of its UK subsidiaries
RiverStone International will undertake the split RITC and LPT through its specialist legacy syndicate 3500
The sale is inline with its strategic objective to consolidate its UK presence into one company market platform
The agreement covers several of its professional lines and liability insurance portfolios relating to 2019 and prior accident years
RiverStone has reached a tentative agreement to acquire Western Property & Casualty Insurance Company, effective August 2022
2023 is expected to be a bumper year for deals in the run-off/legacy market. Barney Dixon speaks to the experts to find out why
With insurers and reinsurers looking to take advantage of the hardening market and the ongoing effects of COVID-19 play out, the run-off market is set to see increased interest in the next 12 months
