Captive manager buys stake in Malta firm

A unit of Strategic Risk Solutions Inc. has bought a stake in a Malta-based captive manager, the Concord, Connecticut-based firm said Tuesday.

SRS’s Dublin-based unit Strategic Risk Solutions Europe purchased a majority share of Ark Insurance Management PCC Ltd., an insurance management firm that previously was wholly owned by Atlas Insurance PCC Ltd., a Malta-based insurer.

Terms of the transaction were not disclosed. SRS has existing captive management operations in several U.S. domiciles, Barbados, Bermuda and the Cayman Islands, as well as the Dublin-based unit.

Atlas will retain a minority interest in the firm, which has been renamed Strategic Risk Solutions Insurance Management Services Europe PCC Ltd. Malcolm Cachia, general manager of Ark, will join SRS and run the new unit.