Davies has acquired Citadel Management Bermuda Limited and Cedar Consulting (Citadel Risk).
Led by CEO Steven Crabb, Citadel Risk will become part of Davies’ insurance services practice.
As part of the deal, the businesses will be rebranded and will trade as part of Davies Captive Management.
Senior executives Tom McMahon and Mick Larkin, who are both based in Bermuda, and Dennis Silvia, who is based in Ohio, will join Davies and will report to Nick Frost, president of Davies Captive Management.
The deal marks Davies’ third acquisition in 2020 following the acquisitions of Keoghs, a provider of dispute resolution and risk services for the UK insurance industry and Codebase8, the automation, modernisation and digital solutions provider and consultancy firm.
Dan Saulter, group chief executive of Davies, said: “I’m delighted to welcome Tom McMahon, Mick Larkin, Dennis Silvia and the wider team to Davies, and I am thrilled that we have been able to work with Citadel Risk to get this deal done. The businesses have an excellent reputation and bring a wealth of experience and deep captive expertise.”
“Following the very challenging start to 2020 caused by COVID-19, many US and global insurance buyers are now grappling with capacity reduction and rate increases, making it a good time for us to increase our captive capability for those clients looking for alternative insurance solutions,” he added.
Tom McMahon, president of Citadel Management Bermuda, commented: “We are delighted to be joining Davies and look forward to integrating our team and client base into an expanding and dynamic global business.”
Tony Weller, group CEO at Citadel Risk, noted: “The Citadel Management team is a great asset for any group, and we’re delighted that McMahon, Larkin and Silvia will continue to provide their exceptional captive experience and expertise to Citadel Risk, with the added resources of the wider Davies team: our own group captive, segregated cells and clients will benefit from the pooling of resources.”
“Citadel Risk’s ongoing commitment to Bermuda is unaffected, and we look forward to working with the new[ly] integrated team to ensure that all our segregated accounts clients continue to receive the high level of service they expect,” he added.