RiverStone International has announced the completion of its deal for Electric Insurance Company (EIC) and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency LLC, saying that the merger will further expand the reinsurance legacy solutions provider’s presence in North America.
“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,” said RiverStone International’s chief executive officer Luke Tanzer (pictured).
Tanzer is positive that the latest merger will provide more leverage to the company when it comes to doing business in the Northern American region, as EIC has long built a strong brand and network since its inception in the mid-1960s.
Based in Massachusetts, EIC is an affiliate of GE Capital Holdings, Inc., and was founded in 1966. EIC is considered one of the leading providers of auto, home, umbrella, and personal excess liability insurance for employers, individuals, and families in the United States, and is licensed to operate in all 50 states as well as in Puerto Rico and Canada.
According to its LinkedIn profile, the company worked directly with select voluntary benefits brokers and human resources professionals to provide employee programs, which include relocation assistance services and onsite and online employee education.
Meanwhile, RiverStone International is considered a giant in the legacy and discontinued insurance business.
With operations in the UK company and Lloyd’s of London markets, Bermuda, Malta, and Europe, the company has closed various deals, from insurance and reinsurance portfolio transfers to company purchases, acquiring more than US$14.5bn of liabilities since 2010. To date, RiverStone has acquired around $6.8 billion worth of liabilities.
The company boasts of its highly skilled and tenured professionals who employ “ownership, accountability, commitment, and an open and flexible approach to all transactions,” which allows the business to provide “transactional certainty, deliver desired outcomes, and maintain clients’ reputations.”
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