RiverStone International, the global legacy provider with a reinsurance operation in Bermuda, has completed the acquisition of Electric Insurance Company and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency LLC.

EIC is a General Electric captive under GE Capital US Holdings Inc, the financial services division of GE. It is a Beverly, Massachusetts-domiciled insurer licensed in all 50 US states, as well as DC, Puerto Rico and Canada.

RiverStone International said that the acquisition provided it with the platform and operational capabilities to further North American-based opportunities.

Luke Tanzer, chief executive officer of RiverStone International, said: “The acquisition of EIC represents a significant milestone in our journey to become the leading global legacy provider and reflects our commitment to grow our footprint globally.”