Fairfax’s RiverStone reveals first Vermont captive acquisition
RiverStone, the US insurance runoff specialist of the Fairfax insurance group, has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C).
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.
Matt Kunish, chief business development officer of 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.”
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