Captive Resources Acquires HealthCare Risk Services and Western Summit

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Captive Resources (CRI) announced that it has acquired HealthCare Risk Services, (HRS) a managing general underwriter (MGU), and Western Summit, its affiliated wholesale brokerage.

According to a release, HRS specializes in medical professional liability for physician groups and individual practitioners, and is the exclusive MGU of Oceanus Insurance Company, a South Carolina based Risk Retention Group (RRG), the company's largest RRG client. Western Summit, based in Fort Lauderdale, FL provides wholesale brokerage for medical professional liability.

The acquisition of HRS with its risk retention group specialty, aligns with Captive Resources' core member-owned group captive business. With this acquisition, Captive Resources strengthens its industry position as an independent consultant to member-owned alternative risk facilities.

"Captive Resources' acquisition of HRS complements its broad- based alternative risk strategy, and provides us a platform for expanding our operations into the risk retention group arena," said George Rusu, Chairman and CEO of Captive Resources. "This investment represents an important strategic opportunity for us to add risk retention groups and medical professional liability expertise to our service offering, and also to expand our geographic presence."

Stewart Tetreault, President and CEO of HRS commented, "All of us at HealthCare Risk Services are very excited to expand our collective opportunities and expertise in the alternative risk marketplace by teaming up with CRI. By leveraging synergies from this acquisition, both organizations are positioned for further growth."

Captive Resources is an independent consulting company specializing in creating and overseeing the operations of alternative risk facilities.