Crusader International Management Ltd., in George Town, Grand Cayman, announced it has entered into an agreement to purchase the captive management book of BritCay Management, also on Grand Cayman. No terms were announced.
"We see this as an extremely good fit with our existing business," said Ian Kilpatrick, Crusader chairman.
The Cayman office has 22 employees. The Crusader International Group in total includes 35 employees, said Judy M. Schiefelbein, vice president of Crusader Captive Services LLC in Chicago.
BritCay Management's Terry Burke, who will be joining Crusader in the Cayman office in a senior position, said: "This opportunity is good for my clients, BritCay and the island. I look forward to working again with the entire Crusader Group to assist in moving toward the strategy of being the best manager in the captive industry, both here and abroad."
Fiona Moseley, managing director of Crusader International Management (Cayman) Ltd., said, "We welcome Terry and his clients into the Crusader Group and look forward to being of assistance to his clients."
The Crusader Group consists of four captive and company management firms, two life insurers, a consulting company and a retail agency, with offices not only in George Town but also in Washington, D.C.; Charleston, S.C.; Chicago; and Scottsdale, Ariz
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