Run-off specialist RiverStone Group, the London-based subsidiary of Fairfax Financial Holdings, announced the acquisition of two Cayman-based captives: GMPCI Insurance Co. Ltd. (GMPCI) and Seaside Indemnity Alliance Company Ltd.
Seaside was formed in 2013 for the purpose of assuming hospital and physician professional liabilities in Connecticut. GMPCI was formed in 2005 to insure anesthesiologists, certified registered nurse anesthetists and registered nurses, primarily in Massachusetts.
Although the captives were active when they were purchased, they will be placed into run-off, explained a RiverStone spokesman.
“We are very excited to complete our first transactions in the captive space,” said Matt Kunish, chief business development officer of RiverStone.
“We were able to provide a solution as part of a larger transaction. With over 20 years’ experience in the traditional insurance markets, we look forward to using our expertise in the captive space,” added Kunish. “In addition to providing insurance risk solutions, we also see an opportunity to use our skills to provide other services to the captive industry, including claim handling services.”
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