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 claims management and adjusting services, accounting and reconciliations, 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. CIRCL 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 2010, the Citadel Group acquired a majority holding in Great Falls Holding Company, which had a wholly owned subsidiary, Great Falls Insurance Company (“GFI”). GFI was initially engaged in writing workers compensation and employment practices liability business in the State of Maine, before expanding its operations into New Hampshire. In 2017, GFI sold the renewal rights to its existing business to the Eastern Alliance Insurance Group and entered run-off.
In 2011 Citadel Re was assigned an A- rating by A.M.Best and established a UK service entity, Citadel Risk Services UK Limited. The Citadel Group also acquired American Millennium Insurance Company a New Jersey based insurance company writing transportation and related lines.
In 2016, the Citadel Group acquired majority holdings in Citadel Management Bermuda Limited (formerly Cedar Management Limited) and Cedar Consulting, LLC, and together, these companies provide a full range of captive management services.
Citadel Tennessee Captive Insurance Company (“CTCIC”) was incorporated in 2016 and became licensed to conduct business as a protected cell captive insurance company in Tennessee in 2017.