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The Citadel Group was established in 1978 as a joint venture between The Hongkong and Shanghai Banking Corporation and Sir Arthur Weller. The active underwriting vehicle at that time was Citadel Insurance Company Limited, incorporated in Hong Kong.
In 1984 the Citadel Group established Citadel Reinsurance Company Limited in Bermuda, to take advantage of a more stable political and administrative climate. By 1990 Citadel Bermuda had become the primary insurance and reinsurance vehicle for the Group, and Citadel Hong Kong was subsequently liquidated.
In 1992 HSBC sold its minority shareholding in the Citadel Group to the majority shareholder, in accordance with HSBC'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 1995 the Citadel Group acquired a Lloyd's corporate capital vehicle, Citadel Underwriting Limited.
Today the Citadel Group includes representative subsidiaries in the United States of America and the United Kingdom.
The Citadel Group has always carefully guarded its reputation for probity, accessibility and professionalism. Any expansion of its operations has been exhaustively planned and executed with a view not to maximisation of capital but to the wise use of resources in the long term.
In 2005 Citadel Risk Management, Inc. ("CRMI") was incorporated as a wholly-owned subsidiary of Citadel Bermuda. CRMI specializes in accounting and reconciliations, audits and inspections, run-off management, commutations, and premium and receivables collections. Its independent website is at www.citadelriskmanagement.com.
In 2007 Citadel International Reinsurance Company Limited ("CIRCL") was established in Bermuda as a segregated accounts company wholly owned by Citadel. It offers captive managers and insurance companies the facility to set up a reinsurance cell within Bermuda's sophisticated market.
On January 1, 2009, CRMI purchased the share capital of of Gallagher Risk Services, a reinsurance intermediary in run off from Arthur J Gallagher for a nominal amount. This company will be consolidated in Citadel’s financial statements in 2009.
Under the terms of the sale and purchase agreement, Gallagher Risk Services has been renamed Citadel Risk Services. It is incorporated in the state of Delaware in the United States of America.
