Insurance run-off manager RiverStone has bought GMPCI Insurance Company (GMPCI) and Seaside Indemnity Alliance Company, both Cayman-based captives.
Financial terms of the deals were not divulged.
Seaside was set up in 2013. The focus of the business is to assume hospital and physician professional liabilities in Connecticut.
GMPCI specialises in serving anaesthesiologists, certified registered nurse anaesthetists as well as registered nurses in Massachusetts. The business was established in 2005.
RiverStone chief business development officer Matt Kunish said: “We are very excited to complete our first transactions in the captive space. 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.”
RiverStone oversees run-off and legacy insurance businesses, offering claims resolution and reinsurance recovery services, among others. It has several offices in the US and the UK and a staff strength of 400.
Earlier this year, RiverStone announced the purchase of Rockville Risk Management and E.R. Quinn Company – a third-party administrator and loss adjusting firm headquartered in New York. The acquired business will now serve as an independent RiverStone subsidiary.