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Manx-Based Valmet Group Is Acquired By Captive Insurance Giant

Amanda Banks, Tax-news.com, London

29 January 2001

The Isle of Man press reported last week that Manx-based Valmet Group, an international leading fiduciary company, has been taken over by captive insurance giant, Mutual Risk Management (MRM).

The Valmet group says it will retain its brand and logo and will continue as an internationally independent trust and corporate services provider with offices in Dublin, Gibraltar, Geneva, Cyprus, Amsterdam and Mauritius in addition to its headquarters in the Isle of Man. Both companies, the Isle of Man news service reported, have said that their alliance on the Island is a major seal of approval for the offshore industry.

Chairman and chief executive officer of MRM, Robert A Mulderig said: 'As the offshore environment becomes more sophisticated, we believe that this presents special opportunities. Valmet has the critical mass and, more importantly, the commitment to quality which suggests they can succeed in this environment.'

Based in Bermuda, MRM is the world's third leading risk management services organization and was recently included in Forbes Magazine's list of the "100 Best Small Companies in the World." Its assets are now in excess of $1.3 billion. MRM says that it has a small share of an enormous market and continues to acquire companies to expand service to its clients by constantly reviewing new market areas to respond to their changing needs. The company is also a leader in the dynamic Alternative Insurance Market which is one of the fastest growing segments of the insurance industry.

Valmet Group chairman Christopher Samuelson said the acquisition will give Valmet the opportunity to expand via MRM's resources and support. Already Valmet is one of the largest independent fiduciary companies in the world with annual revenues of around US$20million. Operating for over a quarter of a century, Valmet deals with the formation and management of international structures for multinational corporations, wealthy individuals and aspiring entrepreneurs.

Chief Executive Officer of Valmet, Peter Bond, said: 'Several years ago, Valmet identified the opportunity to acquire smaller companies in our industry unable to rise to the current regulatory challenges. Not only are we very bullish on the industry but we see a great opportunity to grow through acquisition, as a result. The synergies of MRM and Valmet were too good to miss.'

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