The Citadel Group (or “Citadel Risk”) was established in 1978 as a joint venture between The Hong Kong and Shanghai Banking Corporation (now HSBC Bank plc) and Sir Arthur Weller. The active underwriting vehicle at that time was Citadel Insurance Company Limited, incorporated in Hong Kong (“Citadel Hong Kong”).
In 1984 the Citadel Group set up Citadel Reinsurance Company Limited (“Citadel Re”) in Bermuda, to take advantage of a more stable political and administrative climate. By 1990 Citadel Re had become the primary insurance and reinsurance vehicle for the Group, and Citadel Hong Kong was liquidated.
In 1992 HSBC sold its minority shareholding in the Citadel Group to the majority shareholder, in line with the bank’s general policy of retaining only controlling stakes.
By that time the Citadel Group was one of the bank’s most successful insurance investments.
In 2005 Citadel Risk Management, Inc. (“CRMI”) was incorporated as a wholly-owned subsidiary of Citadel Re. CRMI specializes in accounting and reconciliations, audits and inspections, run-off management, commutations, and premium and receivables collections.
In 2007 Citadel International Reinsurance Company Limited (“CIRCL”) was established in Bermuda as a segregated accounts company wholly owned by Citadel Re. It offers captive managers and insurance companies the facility to set up a reinsurance cell within Bermuda’s sophisticated market.
In 2009 CRMI purchased the share capital of Gallagher Risk Services, a reinsurance intermediary in run-off from Arthur J Gallagher and renamed it Citadel Risk Services, Inc.
In 2011 Citadel Re was assigned an A- rating by A.M.Best. Citadel Risk also established a UK service entity, Citadel Risk Services UK Limited.
The Citadel Group also has ownership interest in American Millennium Insurance Company (based in New Jersey), an insurance company writing transportation and related lines.