Davies is continuing on the acquisition trail, swooping for Citadel Risk’s captive management operations a month after it acquired automated and digital solutions provider Codebase8 Limited.
Citadel Management & Cedar Consulting, the captive management and consulting business of Citadel Risk, is Davies’s third acquisition this year following the moves for Keoghs and Codebase8.
As part of the deal, it will be rebranded and become part of the Davies Insurance Services practice, led by chief executive Steven Crabb. It will trade as part of Davies Captive Management – with senior executives Tom McMahon, Mick Larki, and Dennis Silvia joining the company and reporting to Davies Captive Management president Nick Frost.
Commenting on the acquisition, Davies group chief executive Dan Saulter (pictured) said: “I’m delighted to welcome Tom, Mick, Dennis, and the wider team to Davies, and I am thrilled that we have been able to work with Citadel Risk to get this deal done. The businesses have an excellent reputation and bring a wealth of experience and deep captive expertise.”
“Following the very challenging start to 2020 caused by COVID-19, many US and global insurance buyers are now grappling with capacity reduction and rate increases, making it a good time for us to increase our captive capability for those clients looking for alternative insurance solutions.”
Tom McMahon, the president of Citadel Management Bermuda, added: “We are delighted to be joining Davies and look forward to integrating our team and client base into an expanding and dynamic global business.”