Riverstone completes EIC buyout
RiverStone International has completed the acquisition of Electric Insurance Company (EIC) and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency.
The legacy acquirer announced that it was purchasing EIC from its former owner General Electric in the last part of 2023.
EIC is a Massachusetts-domiciled insurer licensed in all 50 US states, as well as DC, Puerto Rico and Canada. The acquisition provides RiverStone International with the platform and operational capabilities to further North American-based opportunities.
Elm Insurance Company is a Vermont domiciled captive insurance company and Electric Insurance Agency is a Massachusetts resident insurance producer.
Luke Tanzer, chief executive 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.”
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