Artex Acquires Guernsey's Heritage Insurance Management
by Mike Godfrey, Lowtax.net, Washington
26 May, 2014
Artex Risk Solutions has announced the acquisition of Heritage Insurance Management, the specialist captive and insurance management arm of Guernsey-headquartered Heritage Group.
The move sees Artex expand beyond North America for the first time to create one of the largest captive managers in the world.
Heritage Insurance Management is the captive and insurance management arm of Heritage Group and specializes in the creation and management of insurance solutions primarily for clients outside North America. It employs over 100 people in Guernsey, Malta, Gibraltar, and London.
The deal provides Artex with a European-based captive management facility, which will trade as Artex International in due course. Together, Artex North America and Artex International will serve almost 1,000 captive clients, operate from 15 locations with licences in 20 captive domiciles, and employ more than 300 captive and alternative risk professionals.
David McManus, President of Artex Risk Solutions, said: "Not only will our combined entity represent one of the largest captive managers in the world but, more importantly, we believe the highly complementary nature of our strengths, geographies and client bases will create a world-class global platform from which we can develop even stronger client propositions."
"Together our spectrum of expertise can simultaneously service the risk management needs of mega-cap multi-national organizations while also offering the know-how to create innovative captive solutions for small and middle market enterprises - all sourced through an independent network of insurance brokers and other trusted advisors."
Nick Heys, who will become Chief Executive of the new international arm reporting to David McManus, added: "Heritage Insurance Management, as part of the Heritage Group, has grown substantially over the years but reached a stage whereby partnering with a like-minded organisation was necessary to realise its ambitions. Whilst we are sad to be leaving our colleagues at Heritage Group we are delighted to be joining a world-class organisation capable of taking our captive insurance business to the next level."
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