Captive Management

We provide a full range of captive management services to our clients who are parented by companies in North America, Europe, the Middle East, and the Far East. Our services include:

  • Captive formation services, from feasibility studies to business plans, to coordination of the submission to the domicile regulator, and eventual registration and commencement of operations.
  • Accounting services including the preparation of monthly/quarterly management accounts, year-end GAAP and Statutory Financial Statements, and coordination of the annual external audit.
  • Regulatory services including serving as the domicile Principal Representative where applicable, filing the annual Statutory Financial Statements and Return where applicable, and monitoring compliance with domicile requirements.
  • Corporate services such as coordination of quarterly/annual board meetings.
  • Day to day administration including policy issuance, claims monitoring, expense processing, monitoring of investment operations, and management of collateral facilities.

Our services are tailored to each client, as well as the domicile in which our client is located.


Our primary international operation is Citadel Management Bermuda Limited (“CMBL”), formerly known as Cedar Management Limited. CMBL is majority owned by Citadel with minority interests held by Tom McMahon, Mick Larkin and Dennis Silvia. CMBL has provided a full range of captive management services in Bermuda since 1980. Companies under management range from Class 1 limited purpose insurers to Class 3A commercial reinsurers, as well as a number of segregated account companies.

Clients domiciled in Bahamas and the BVI are currently serviced out of our Bermuda office, with local domicile requirements outsourced to a local representative in each domicile.

US Domestic

International captive consulting and domestic captive management services are provided through Cedar Consulting LLC, based in Chagrin Falls, Ohio. Citadel is the majority owner and Dennis Silvia holds the minority position. Cedar is licensed in New Jersey, North Carolina, Montana, Tennessee and Utah. Cedar manages various types of companies including Single Parent Captives, Group Captives, Protected Cell Captives and Risk Retention Groups.