Citadel Risk acquires major share in Bermuda captive manager
Reinsurance carrier Citadel Risk has acquired a controlling share of both Bermuda-based insurance and captive manager Cedar Management and US-based captive insurance consulting firm.
The existing Cedar management team of Tom McMahon, Mick Larkin and Dennis Silvia will remain as substantial shareholders and, along with the other members of staff, will work to ensure continued client service and delivery as they integrate into the Citadel Risk Group. Both firm s will continue to trade under their current names.
Tony Weller, group chief executive officer, Citadel Risk, said: “We have worked with Cedar for many years and have always been impressed with them,” said Tony Weller, group chief executive officer, Citadel Risk.
“We are absolutely delighted that we can now bring the organisation into the Citadel Risk Group and begin to develop the synergies which naturally exist.
Weller also said that the spirit and cooperation during the due diligence and negotiation process between both parties was “exceptional, but at the same time unsurprising.”
McMahon, president, Cedar Management, added: “Knowing Tony Weller and his team for so long makes this a relatively simple transition. We have great strategic fit and look forward to developing captive solutions utilising the broad spectrum of Citadel’s Insurance and Reinsurance capability.”
Dennis Silvia, president, Cedar Consulting, said: “I am very excited about how this new partnership will bring together the services and knowledge base of two alternative risk providers in a way that will be hugely beneficial to our clients.”