01/09/2009
Accountancy and consulting firm Acumen is making a bid for the captive management and run-off market, which could involve as many as a fifth of Bermuda’s captives, according to local Bermuda press.
The firm has received approval from the Bermuda Monetary Authority to provide insurance management services, said a report in The Royal Gazette.
Nick Briggs, who joined Acumen in July last year from run-off acquisition specialist Enstar Group, was quoted in the Gazette as saying that Acumen was specifically targeting the captive run-off market, seeking either to manage those companies or to acquire them.
Briggs, who previously worked for Marsh in captive management was reported as saying he believed that between 10 and 20 percent of Bermuda's captives are in run-off.
Acumen was founded by Richard Hartley, formerly of global accountancy firm Deloitte, spent two years with Overseas Partners and four years with steel company Galvex. The company has concentrated on providing outsourcing services in accountancy and consulting for various Bermuda companies.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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