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Captive manager expands into Barbados with acquisition

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Captive manager Strategic Risk Solutions has acquired the operations of Barbados captive manager CGE Group.

Terms of the transaction were not disclosed.

All 10 CGE staff will remain with the firm, including Chris Evans, the current CEO of CGE who formed the company in 2003 and will continue to lead the Barbados operations, according to a statement issued Monday by Concord, Massachusetts-based SRS.

“We believe that Barbados is well suited to our captive management model, and establishing an operation in Barbados will allow us to expand our reach among North American captive owners, particularly in Canada,” Brady Young, president and CEO of SRS, said in the statement.

SRS operates predominantly in the United States, Bermuda and the Cayman Islands, and recently opened a European operation, but CGE is the company’s first operation in Barbados.