Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired Atlas Insurance Management of North Carolina, a company that works on the formation and management of captive insurance companies.
The acquisition was part of Risk Strategies’ purchase of Atlas Group Limited and its affiliated entities. Terms of the deal were not made public.
Founded in 2002, Atlas has manages captive insurance entities, as well as forms and operates a number of its own insurers. In particular, Atlas forms and operates protected cell companies (PCC), making cells available to captive clients and acting as fronting insurers as well as pooling reinsurers.
An insurance company owned by a non-insurance organization or group of organizations, a captive insures the risks of organizations with specialized coverage and risk financing alternatives that are not commonly available through traditional carrier policy offerings. Risks managed through captive structures can range from standard offerings, such as property and casualty or employee benefits programs, to highly specialized risks.
The Atlas acquisition brings both onshore and offshore capabilities with a presence in multiple domiciles as well as licenses in 10 U.S. jurisdictions. This expands Risk Strategies operating presence outside of the United States. It also adds Atlas’ team to Risk Strategies’ client resources.
Acquiring Atlas Insurance Management is part of Risk Strategies’ efforts to build out captive management capabilities, adding to its recent acquisitions of Risk Management Advisors and Oxford Risk Management Group. With the addition of Atlas, Risk Strategies is now involved with over 1,000 captive programs.
Risk Strategies is a privately held, national firm with offices across the country. The company offers risk management advice as well as insurance and reinsurance placement for property & casualty, healthcare and employee benefits risks. Risk Strategies serves commercial companies, non-profits, public entities and individuals, and has access to all major insurance markets. Risk Strategies has offices in more than 70 locations nationwide including Boston, New York City, Chicago, Minneapolis, Miami, Atlanta, Houston, Dallas, Nashville, Los Angeles and San Francisco.
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