RiverStone extends US reach with acquisition
Legacy re/insurer RiverStone International, which has a Bermuda-based reinsurer, has expanded its footprint to the US With the acquisition of Massachusetts-based Electric Insurance Company. Terms were not disclosed.
Riverstone, which says it is the largest provider of legacy solutions in the Lloyd’s market, EIC and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency, are licensed in all 50 states, Washington DC, Puerto Rico and Canada, gave Riverstone the platform and operational capabilities to further North American-based opportunities.
Luke Tanzer, chief executive officer of RiverStone International, said: “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.”
In February, Riverstone announced the purchase of Catalina Insurance Ireland, which had total reserves of approximately US$350 million. In 2023, the company acquired more than $2.2 billion in net reserves.
Riverstone is domiciled in Jersey, with operating subsidiaries in the UK, Bermuda, Ireland and Malta.
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