Insurance brokerage and risk management firm Risk Strategies has purchased Cayman Islands-based captive manager Atlas Insurance Management.

The companies did not reveal the financial details of the transaction.

Founded 18 years ago, Atlas specialises in the formation and management of captive insurance firms.

Risk Strategies CEO John Mina said: “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.

“Atlas is a leading specialist in its space and will bring tremendous value to our clients and our organisation.”

Under a captive setting, insurers manage the risks of organisations with specialised coverage and risk financing alternatives that are not available through traditional carrier policies.

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Captive insurers manage risks by providing a range of standard offerings from property and casualty or employee benefits programmes to highly specialised risks.

The Atlas has both onshore and offshore captive management capabilities.

The acquisition gives Risk Strategies its first operating presence outside of the US.

Atlas founder and chairman Martin Eveleigh said: “Alternative approaches to managing the cost of risk are increasingly necessary in today’s evolving world of business.

“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.”