Legacy solutions in the Lloyd’s market provider RiverStone International has completed its deal for Electric Insurance Company.
Furthermore, RiverStone will gain Electric’s two subsidiaries, Elm Insurance Company and Electric Insurance Agency.
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Electric Insurance Company is a Massachusetts-domiciled insurer licensed in all 50 US states, as well as DC, Puerto Rico and Canada. The acquisition also provides RiverStone International with 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 April 2024, the IRLA, a trade body, launched its new chapter in Bermuda, aiming to bolster the legacy insurance and reinsurance sector.
The IRLA Bermuda chapter will serve as a hub for members to network, share best practices and access professional development opportunities.
Its launch is a strategic move to support the interests of the legacy sector in Bermuda.
The branch aims to promote collaboration, communication and a unified voice among members and stakeholders.
This initiative comes at a critical time, as the chapter will also address regulatory and legislative changes impacting the legacy business in the region.
The IRLA Bermuda chapter committee comprises professionals from the legacy market, with representatives from Enstar Group, RiverStone International, Compre Group, R&Q Insurance Holdings and BMS Group.
