Cedar Management has been renamed Citadel Management Bermuda following its acquisition.
The name change comes after Citadel Risk purchased a controlling share of Cedar Management in March this year.
The US-based Cedar Consulting, a captive insurance consulting firm, will remain under its existing branding.
The name change reflects the integration of Cedar into the Citadel Risk group. Together, the company will be able to provide captive management service for the entire lifespan of a captive.
It will offer captive and segregated cell set-up, captive management, stop-loss and fronting reinsurance and insurance, and legacy solutions for the closure of a captive.
Dennis Silvia, president of Cedar Consulting, explained in an interview last month: “When you consider the services that are necessary to bring a captive to market, you’re talking about a very mixed bag.”
“A captive requires all sorts of capabilities—management, reinsurance, fronting, cells, the list goes on—so finding a specialised expert provider for each of those is going to be very inefficient. Combining the services of Citadel and Cedar, we are able to integrate the entire process.”
Mike Palmer, lead London consultant at Citadel Risk, added in the same interview: “Having Cedar Management as part of the team makes that a faster and more efficient process.”
