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Risk Strategies Inc. said Wednesday it has acquired Atlas Insurance Management Inc., a Cayman Islands-based captive manager in a move that expands its operating presence outside the U.S.
The acquisition is part of its purchase of Atlas Group Ltd. and its affiliated entities, terms of which were not disclosed, the Boston-based brokerage said in a statement.
The deal builds on Risk Strategies’ acquisition of California-based captive manager Risk Management Advisors Inc. in 2019 and follows the earlier purchase of Sparks, Maryland-based captive consultancy Oxford Risk Management Group in 2018.
It adds both onshore and offshore capabilities in multiple domiciles, as well as licenses in 10 U.S. jurisdictions, Risk Strategies said in the statement.
“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,” John Mina, CEO of Risk Strategies, said in the statement.
With 25 staff, Atlas is the 9th largest captive manager, according to Business Insurance’s latest ranking with 83 captives under management. Risk Strategies is the 16th largest broker of U.S. business with about $370 million in brokerage revenue.
The entire staff, including management, will come on board and remain intact, a spokeswoman said in an emailed response.
National insurance brokerage and risk management firm RSC Insurance Brokerage Inc., doing business as Risk Strategies Co. Inc., on Monday announced its acquisition of Pro Safety Services LLC.