Risk Strategies has acquired Atlas Insurance Management as part of its purchase of Atlas Group Limited and its affiliated entities.
Atlas Insurance Management focuses on the formation and management of captive insurance companies. It also forms and operates a number of its own insurers, including protected cell companies (PCC), making cells available to captive clients and acting as fronting insurers as well as pooling reinsurers.
The acquisition brings both onshore and offshore capabilities with a presence in multiple domiciles as well as licenses in 10 US jurisdictions, according to Risk Strategies.
It will also provide Risk Strategies with its first operating presence outside of the US.
John Mina, CEO of Risk Strategies, said: “As traditional insurers become more selective in their coverage and premiums rise, innovative alternatives such as captives are increasingly important in creating cost-effective ways to manage and mitigate client risk.”
Martin Eveleigh, Atlas’ founder and chairman, added: “Alternative approaches to managing the cost of risk are increasingly necessary in today’s evolving world of business.”
“We saw in Risk Strategies a firm with a truly consultative approach to risk management and the same dedication to using technical expertise and innovation in pursuit of the best solutions for clients.”
Risk Strategies said that acquiring Atlas Insurance Management builds momentum behind the firm’s efforts to build out captive management capabilities, adding to its recent acquisitions of Risk Management Advisors and Oxford Risk Management Group.
Terms of the deal were not made public.
