Insurance runoff management company RiverStone has announced the acquisition of two Cayman-based captives, GMPCI Insurance Company and Seaside Indemnity Alliance Company.
GMPCI was formed in 2005 to insure anesthesiologists, certified registered nurse anesthetists and registered nurses, primarily in Massachusetts. Seaside was formed in 2013 to assume hospital and physician professional liabilities in Connecticut.
“We are very excited to complete our first transactions in the captive space,” said Matt Kunish, chief business development officer at 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. 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.”
