Addition of leading specialist comes with purchase of Atlas Group Limited assets, builds upon capabilities in the formation and management of captive insurance companies
Image: Risk Strategies acquires North Carolina-based captive insurance company. (Credit: savit keawtavee/FreeDigitalPhotos.net.)
Risk Strategies, a privately held, rapidly growing national insurance brokerage and risk management firm, today announced the acquisition of Atlas Insurance Management, a worldwide leader in the formation and management of captive insurance companies, as part of its purchase of Atlas Group Limited and its affiliated entities. Terms of the deal were not made public.
Founded in 2002, Atlas has been ranked among the top 10 firms worldwide, in terms of number of captives managed, by Business Insurance. In addition to managing captive insurance entities, Atlas forms and operates a number of its own insurers. In particular, Atlas forms and operates protected cell companies (PCC), making cells available to captive clients and acting as fronting insurers as well as pooling reinsurers.
An insurance company owned by a non-insurance organization or group of organizations, a captive insures the risks of organizations with specialized coverage and risk financing alternatives that are not commonly available through traditional carrier policy offerings. Risks managed through captive structures can range from standard offerings, such as property and casualty or employee benefits programs, to highly specialized risks. A captive can be a powerful tool to lower a company’s overall cost of risk.
“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,” said John Mina, CEO of Risk Strategies. “Atlas is a leading specialist in its space and will bring tremendous value to our clients and our organization.”
The Atlas acquisition brings both onshore and offshore capabilities with a presence in multiple domiciles as well as licenses in 10 U.S. jurisdictions. This gives Risk Strategies its first operating presence outside of the United States. It also adds an extremely knowledgeable team of industry experts to Risk Strategies’ client resources, each with decades of experience and established histories working with local regulators and representatives of industry associations.
“Alternative approaches to managing the cost of risk are increasingly necessary in today’s evolving world of business,” said Martin Eveleigh, Atlas’ Founder and Chairman. “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.”
Acquiring Atlas Insurance Management builds momentum behind Risk Strategies’ efforts to build out captive management capabilities, adding to its recent acquisitions of Risk Management Advisors and Oxford Risk Management Group. With the addition of Atlas, Risk Strategies is now involved with over 1,000 captive programs.
Source: Company Press Release