Strategic Risk Solutions acquires Malta-based Ark from Atlas
Strategic Risk Solutions Europe is set to acquire a majority share of Ark Insurance Management PCC, an onshore European insurance management firm domiciled in Malta.
Ark was previously wholly owned by Atlas Insurance PCC, a Malta-based provider of consumer and commercial insurance products and first company in the EU to convert to an independent protected cell company back in 2006.
As part of the deal, Atlas will retain a minority interest in the newly named entity Strategic Risk Solutions Insurance Management Services Europe PCC.
Both SRS Europe and Atlas have agreed to share knowledge, foster innovation in new products and use the operating and delivery platform of Atlas.
"Malta is a natural choice for SRS Europe due to the forward-thinking legislation, supportive nature of the Malta Financial Services Authority to the captive industry and its status as a full member country of the European Union", said Stuart King, president and CEO of SRS Europe. "SRS intends to be the premier insurance management and risk (finance) consulting firm in Europe underpinned by its independence. SRS Europe provides a range of governance and risk consulting services, complementing our management delivery capabilities. This approach allows us to independently and innovatively help clients optimize their risk finance strategies and captive programs", added King.
Michael Gatt, CEO of the Atlas Group, added: "SRS is the world's leading independent captive management firm, with a history of high quality service, customer focus and innovation. These are values that we share at Atlas. We are excited to partner with SRS as the company expands its European presence and leverage the investments and expertise we have built to date with Ark."
General manager of Ark Malcolm Cachia will join SRS Europe and will perform his existing role with the newly named entity.
"This partnership allows us to accelerate our expansion into the European market. We are pleased to be able to partner with as strong a local firm as Atlas", said Brady Young, president of Strategic Risk Solutions. "Bringing Malcolm into the SRS family will provide continuity to the operations in Malta and add an experienced captive professional to our European operations. We welcome Malcolm to SRS and look forward to working with his former colleagues at Atlas."
