US insurance broker and risk management firm Risk Strategies has acquired captive specialist Atlas Insurance Management.
The acquisition is a result of Risk Strategies’ purchase of Atlas Group and its affiliated entities.
In addition to managing captive insurance entities, Atlas Insurance Management forms and operates a number of its own insurers.
In particular, Atlas forms and operates protected cell companies, making cells available to captive clients and acting as fronting insurers as well as pooling reinsurers.
Risks managed through captive structures can range from standard offerings, such as property and casualty or employee benefits programs, to highly specialised risks.
“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, Chief Executive Officer of Risk Strategies.
“Atlas is a leading specialist in its space and will bring tremendous value to our clients and our organization.”
“Alternative approaches to managing the cost of risk are increasingly necessary in today’s evolving world of business,” added 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.”
With the addition of Atlas, Risk Strategies is now involved with over 1,000 captive programs.