Bermuda is the latest acquisition target of Mutual Risk Management Ltd. (MRM), pending regulatory approval.

Bermuda-based MRM said last night it agreed to buy International Advisory Services (IAS) group of companies for an undisclosed price.

IAS subsidiary, International Advisory Services Ltd., has over 100 captive clients that have annual premiums in excess of $1.1 billion.

The group also includes Bermuda-based rent-a-captive facility HurstHolme Insurance Co. Ltd. and local broker H&H Reinsurance Brokers, Ltd., which primarily provides reinsurance support for the managed companies and rent-a-captive clients of the IAS group.

A press statement said that although IAS group will come under Mutual Risk Captive Group Ltd., it will operate as an autonomous division, under the direction of president David Ezekiel, and executive vice presidents Terence Power and David Pickering.

Simon Everett will continue as president of H&H Reinsurance Brokers Ltd.

Meanwhile, chairman of Mutual Risk Captive Group, Ltd. Simon Scupham said: "This acquisition will add substantially to Mutual Risk's captive management operations.

"The IAS group and its principals have an excellent reputation in the industry and their success to date has been a testament to that fact.

"We see great potential in this transaction, given the similarities in our entrepreneurial and value-added approach to servicing our clients.

"As a part of Mutual Risk, IAS will be able to expand the array of services it offers its clients which will help it enhance its position as a market leader in the captive management business.'' Mr. Ezekiel said IAS had found the "perfect partner'' and the transaction secures his company's long term future.

He said: "The similarity in our business mix and cultures will allow us to continually improve what we bring to our current and future clients.

"Our continued independence from the large broker-houses demonstrates our commitment to the brokers and agents who form such an important part of our client base, and this was a crucial aspect of this transaction. This is a big move for us after 17 years, but we are really excited about the future.'' IDEAL PARTNER -- David Ezekiel Graphic file name: EZZEK