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Article: Market Moves: Citadel acquires runoff from Arthur J. Gallagher.(Briefs)(Citadel Risk Management Inc. acquired with Arthur J. Gallagher and Co.)(Allied World Assurance Co. Holdings Ltd. opens 2 California offices )(American Pinnacle Partners Inc. acquired with Commodore Insurance Services Inc. )
- Article from:
- Business Insurance
- Article date:
- February 9, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STAMFORD, Conn.-Citadel Risk Management Inc. said it has acquired substantially all of the reinsurance runoff processes from Itasca, Ill.-based broker Arthur J. Gallagher & Co.
Citadel, an active and runoff insurance and reinsurance provider headquartered in Stamford, Conn., sees the acquisition as an opportunity to create a runoff sector for the reinsurance intermediary market.
The new entity providing runoff services to cedents and reinsurers formerly in Gallagher's reinsurance portfolio is Citadel Risk Services Inc. and operates at Citadel's offices in Bridgewater and Wayne, N.J.
Terms of the runoff deal were not disclosed.
Allied ...