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Hamilton, Bermuda-based reinsurer Citadel Risk Group said Friday that it has purchased a controlling share in Cedar Management Ltd. and Cedar Consulting L.L.C., sister companies that serve the captive insurance sector.
Terms of the deal were not disclosed.
Cedar Management is a Hamilton, Bermuda-based captive manager, and Cedar Consulting L.L.C. is a Chagrin Falls, Ohio-based captive insurance consulting firm, Citadel said in a statement.
Cedar Management President Tom McMahon and Vice President Mick Larkin, based in Hamilton, as well as Cedar Consulting President Dennis Silvia, based in Chagrin Falls, will remain as substantial shareholders.
Both companies will operate under their current names, Citadel Risk said in the statement.
“We have worked with Cedar for many years and have always been impressed with them. We are absolutely delighted that we can now bring the organization into the Citadel Risk Group and begin to develop the synergies which naturally exist,” Tony Weller, Citadel Group CEO, said in the statement.
Citadel Group also owns Citadel Reinsurance Co. Ltd.
Two months after Innovative Physician Solutions Risk Retention Group moved to Vermont from Arizona, Chief Operating Officer Mark Tabler said he and the RRG's board of directors are “absolutely thrilled.”