RiverStone, an insurance run-off management company, has acquired two Cayman-based captives: GMPCI Insurance Company and Seaside Indemnity Alliance Company.
Seaside was formed in 2013 to assume hospital and physician professional liabilities in Connecticut.
GMPCI was formed in 2005 to insure anaesthesiologists, certified registered nurse anaesthetists and registered nurses, primarily in Massachusetts.
“We are very excited to complete our first transactions in the captive space,” said Matt Kunish, chief business development officer of RiverStone, in a press release. “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.”
He added, “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.”