10 August 2022Reinsurance

RiverStone reaches 'tentative agreement' for first Vermont captive acquisition

RiverStone, the US insurance runoff specialist of the Fairfax insurance group, has tentatively agreed to acquire Western Property & Casualty Insurance Company.

The company said that it expects the deal to be effective at some point in August 2022.

Western P&C was formed in Vermont to support a group of companies (which included companies engaged in energy production) as to its automobile liability, general liability and workers’ compensation exposures, on a deductible reimbursement basis.

The shareholders of Western P&C will enter into a stock purchase agreement with Fairfax. The Vermont Department of Financial Regulation has approved the acquisition.

“I am pleased to announce RiverStone’s first venture into the Vermont captive community,” said Matt Kunish, chief business development officer at RiverStone. “This is an exciting step for RiverStone as we look to take advantage of the various opportunities the Vermont captive market has to offer.”