RiverStone International announced the completion of its transaction for Electric Insurance Corporation (EIC) and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency LLC, saying the merger will increase the legacy reinsurance solutions provider’s presence in North America.

“The acquisition of EIC represents a significant milestone in our journey to become the world’s leading heirloom provider and reflects our commitment to growing our footprint globally,” said Luke Tanzer, CEO of RiverStone International (pictured).

Tanzer believes the latest merger will provide more leverage to the company when it comes to doing business in the North American region, where EIC has long built a strong brand and network since its inception in the mid-1960s.

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Headquartered in Massachusetts, EIC is a subsidiary of GE Capital Holdings, Inc. and was founded in 1966. EIC is one of the leading providers of auto, home, umbrella and excess personal liability insurance to employers, individuals and families in United States, and licensed to operate in all 50 states as well as Puerto Rico and Canada.

According to its LinkedIn profile, the company has worked directly with select voluntary benefits brokers and human resources professionals to provide employee programs, which include transportation assistance services and on-site and online employee education.

Meanwhile, RiverStone International is a giant in legacy and defunct insurance.

Through its operations in the UK and Lloyd’s markets in London, Bermuda, Malta and Europe, the company has closed various deals, from insurance and reinsurance portfolio transfers to corporate purchases, and has secured more than US$14.5 billion in commitments since 2010. To date, RiverStone has acquired Commitments of approximately $6.8 billion.

The company prides itself on its highly skilled and experienced professionals who use “ownership, accountability, commitment and an open and flexible approach to all transactions,” allowing the company to provide “proven transactions, achieve desired results and maintain client reputation.” “

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