Citadel Risk has purchased a controlling share of Cedar Management, a captive and insurance manager based in Bermuda, and Cedar Consulting, the captive insurance consulting firm.
The existing management team, including Tom McMahon, president of Cedar Management, Mick Larkin, vice president of Cedar Management and Dennis Silvia, president of Cedar Consulting, will remain as substantial shareholders and will work together with the rest of the team to ensure continued client service and delivery throughout the integration.
Both companies will continue to trade under their current names.
Tony Weller, Group CEO of Citadel Risk, commented: “We are delighted that we can now bring the organisation into the Citadel Risk Group and begin to develop the synergies which naturally exist. The cooperation during the due diligence and negotiation process between both parties was exceptional, but at the same time unsurprising.”
Silvia added: “I am very excited about how this new partnership will bring together the services and knowledge base of two alternative risk providers in a way that will be hugely beneficial to our clients."
