Legacy options within the Lloyd’s market supplier RiverStone Worldwide has accomplished its deal for Electrical Insurance coverage Firm.
Moreover, RiverStone will acquire Electrical’s two subsidiaries, Elm Insurance coverage Firm and Electrical Insurance coverage Company.
Electrical Insurance coverage Firm is a Massachusetts-domiciled insurer licensed in all 50 US states, in addition to DC, Puerto Rico and Canada. The acquisition additionally gives RiverStone Worldwide with the platform and operational capabilities to additional North American-based alternatives.
Luke Tanzer, chief government officer of RiverStone Worldwide, mentioned: “The acquisition of EIC represents a major milestone in our journey to develop into the main world legacy supplier and displays our dedication to develop our footprint globally.”
In April 2024, the IRLA, a commerce physique, launched its new chapter in Bermuda, aiming to bolster the legacy insurance coverage and reinsurance sector.
The IRLA Bermuda chapter will function a hub for members to community, share finest practices and entry skilled growth alternatives.
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Its launch is a strategic transfer to assist the pursuits of the legacy sector in Bermuda.
The department goals to advertise collaboration, communication and a unified voice amongst members and stakeholders.
This initiative comes at a vital time, because the chapter can even deal with regulatory and legislative modifications impacting the legacy enterprise within the area.
The IRLA Bermuda chapter committee contains professionals from the legacy market, with representatives from Enstar Group, RiverStone Worldwide, Compre Group, R&Q Insurance coverage Holdings and BMS Group.
