GRAND CAYMAN, Cayman Islands and SCOTTSDALE, Ariz., Oct. 06, 2015 (GLOBE NEWSWIRE) -- Advantage Insurance Management USA LLC, a subsidiary of Advantage Insurance Holdings Ltd. ("Advantage”) and Captive Experts LLC (“Captive Experts”) announced today that Advantage is acquiring Captive Experts’ insurance management business. Subject to final regulatory approval, Captive Experts is transferring management of Harbor Risk Pool Association and a portfolio of captive insurance entities and to Advantage Insurance Management (USA) LLC (“AIMUSA”). Captive Experts will continue its core business of providing independent, value-added insurance consulting services to business owners throughout the United States.
Les Boughner, Chairman of Advantage’s Business Insurance division, said, “Captive Experts attracted a high quality group of clients to its innovative captive insurance platform.” Simon Kilpatrick, President of AIMUSA, added: “The transition to Advantage will deliver an expanded range of insurance capabilities to Captive Experts’ clients, while providing Advantage’s clients access to a proven, diversified risk pool.”
Tom Cifelli, owner of Captive Experts, said, “I have known Simon Kilpatrick and the Advantage team for many years and have great confidence that they will provide excellent service to our mutual clients. By transitioning its day-to-day captive management duties to Advantage, Captive Experts will be able to dedicate itself to its core captive insurance consulting business.”
Management transition for the Harbor Risk Pool Association and individual captive insurance entities is expected to be completed in October 2015. Financial terms of the transaction were not disclosed.
Advantage Insurance Holdings Ltd., through its operating subsidiaries, provides customized insurance products and services to businesses and individuals worldwide. Founded in 1993, Advantage now serves over 200 clients and administers over $1 billion of insurance assets from its headquarters in Grand Cayman and operating locations in Charleston, South Carolina; San Juan, Puerto Rico; and Scottsdale, Arizona. Advantage’s primary lines of business include private placement life insurance, captive insurance management and alternative risk transfer services. Additional information is available on Advantage’s website: www.aih.com.ky.
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Source:Advantage Insurance Holdings Ltd.