Risk Strategies acquires Atlas Insurance Management

US broker Risk Strategies has acquired Atlas Insurance Management, a specialist in the formation and management of captive insurance companies, as part of its purchase of Atlas Group and its affiliated entities. Terms of the deal were not made public.

Acquiring Atlas Insurance Management builds momentum behind 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.

In addition to managing captive insurance entities, Atlas 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.

“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,” said John Mina, CEO of Risk Strategies. “Atlas is a leading specialist in its space and will bring tremendous value to our clients and our organisation.”

The Atlas acquisition brings both onshore and offshore capabilities with a presence in multiple domiciles as well as licenses in 10 US jurisdictions. This gives Risk Strategies its first operating presence outside of the United States. It also adds a knowledgeable team of industry experts to Risk Strategies’ client resources, the company said.

“Alternative approaches to managing the cost of risk are increasingly necessary in today’s evolving world of business,” said Martin Eveleigh, Atlas’ founder and chairman. “We saw in Risk Strategies a firm with a truly consultative approach to risk management and the same dedication to using technical expertise and innovation in pursuit of the best solutions for clients.”