Strategic Risk Solutions (SRS) Europe has made its second acquisition in the European market by acquiring Ark Insurance Management.
Ark is a regulated full service onshore European insurance management firm domiciled in Malta, which is currently wholly owned by Atlas Insurance.
The acquisition, which will be SRS Europe’s first foray into the Malta market, is part of its expansion and establishment of offices in key European domiciles, a strategy it will continue following this deal.
As part of the transaction, Atlas will retain a minority interest in the newly named entity, Strategic Risk Solutions Insurance Management Services Europe.
Additionally, the firms have agreed to share knowledge, foster innovation in new products and use Atlas’ operating and delivery platform.
Following completion of the transaction, Malcolm Cachia, general manager of Ark, will join SRS Europe and will perform his existing role of general manager with the newly named entity.
Stuart King, president and CEO of SRS Europe, said Malta was a “natural choice” for the company.
He explained: “This is due to the forward-thinking legislation, supportive nature of the Malta Financial Services Authority to the captive industry and its status as a full member country of the EU.”
“SRS intends to be the premier level firm insurance management and risk (finance) consulting firm in Europe underpinned by its independence in comparison to its rivals.”
“SRS Europe is already serving a large and complex European multinational in the area of governance and risk consulting and expect to see, complimenting our management delivery capabilities, a marked increase in enquiries to independently and innovatively support clients optimise their risk finance strategies and captive programmes”
Michael Gatt, CEO of Atlas Group, said the group was excited to partner with SRS as it “expands its European presence” and to “leverage the investments and expertise we have built to date with Ark”.
Brady Young, president of SRS, noted that the partnership will allow the company to “accelerate [its] expansion into the European market”.
He added: “We are pleased to be able to partner with as strong a local firm as Atlas.”
Young said the addition of Cachia will provide “continuity to the operations in Malta and add an experienced captive professional to our European operations”.
He continued: “We welcome Malcolm Cachia to SRS and look forward to working with his former colleagues at Atlas.”