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Captive management firm USA Risk Group Inc. has completed a management buyout from Spencer Capital Holdings Ltd.
The buyout will include operations from all captive jurisdictions USA Risk Group currently operates in, according to a statement published on Friday. USA Risk Group will keep its name and will initially operate in 10 domestic and international captive domiciles.
The existing management team will remain in place, led by Paul Macey as president, Rob Leadbetter as senior vice president and Charmain Aggarwal as vice president, according to the statement. Jeanne Crawford will serve as senior vice president of the company’s Barbados office while John Tortell will serve as general manager of the Malta office and Steven Lill will serve as assistant vice president in the Cayman Islands office. Former Chairman and original founder H. Lincoln Miller Jr. will be involved in an advisory role, according to the statement.
Investment firm Spencer agreed to acquire USA Risk Group in 2015.
A spokesperson for USA Risk Group could not be immediately reached for comment on financial terms.
MONTPELIER, Vt.Independent alternative risk market service provider USA Risk Group has expanded into Barbados, purchasing a majority ownership in MIMS International (Barbados) Ltd.