USA Risk Group today announced the expansion of its captive management office in Grand Cayman, Cayman Islands.
Terms of the deal were not released.
USA Risk Group said it has entered into an agreement with JLT Risk Solutions (Cayman), Ltd. to purchase its ongoing Cayman captive management business. The transaction will be complete on or before Dec. 31 of this year, the company said.
USA Risk Group said it is finalizing transition details regarding offices, staff and notifying JLT clients of the business changes. The company said it intends to utilize as much of JLT's existing staff and resources as possible.
The management team of USA Risk Group (Cayman), Ltd. will be Paul Macey, senior vice president, insurance; Robert Leadbetter, vice president and manager; and Gillian Owen, vice president, accounting.
Mr. Macey and Mr. Owen, currently with JLT Risk Solutions (Cayman), Ltd., will become employees of USA Risk Group (Cayman), Ltd. when the agreement is finalized.
USA Risk Group is an independent provider to the alternative risk market, providing captive management, program administration, reinsurance and other related services in all major North American domiciles.
USA Risk Group opened its office in Cayman in July 2005. Gary H. Osborne, president of USA Risk Group, stated that the company had identified Cayman as a critical area for expansion in the USA Risk Group business model. He added that the JLT business, ranked fifth in the number of Cayman captives managed, was "a perfect fit to the group's plan to become a major presence in the second largest captive domicile in the world."
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