RiverStone, the US insurance run-off specialist of the Fairfax insurance group, has announced it has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), to be effective this August 2022.
According to the announcement, this acquisition will be RiverStone’s first venture into the Vermont captive community.
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 insurer’s shareholders will enter into a stock purchase agreement with Fairfax.
Matt Kunish, Chief Business Development Officer, RiverStone said: “I am pleased to announce RiverStone’s first venture into the Vermont captive community. This is an exciting step for RiverStone as we look to take advantage of the various opportunities the Vermont captive market has to offer.”
The Vermont Department of Financial Regulation has approved the acquisition.
