17 January 2014

Captive Resources makes double acquisition

HealthCare Risk Services (HRS), a managing general underwriter, and Western Summit, its affiliated wholesale brokerage, have been acquired by Captive Resources. HRS specialises in medical professional liability for physician groups and individual practitioners. Western Summit provides wholesale brokerage for medical professional liability.

According to Captive Resources the acquisition aligns with the company’s core member-owned captive business and strengthens its industry position as the leading, independent consultant to member-owned alternative risk facilities.

George Rusu, chairman and CEO of Captive Resources, said: “Captive Resources’ acquisition of HRS complements its broad-based alternative risk strategy, and provides us a platform for expanding our operations into the risk retention group arena. This investment represents an important strategic opportunity for us to add risk retention groups and medical professional liability expertise to our service offering, and also to expand our geographic presence.”

Stewart Tetreault, president and CEO of HRS, added: “all of us at HealthCare Risk Services are very excited to expand our collective opportunities and expertise in the alternative risk marketplace by teaming up with CRI. By leveraging synergies from this acquisition, both organizations are positioned for further growth.”