AJG acquires captive manager Heritage
Artex Risk Solutions, Arthur J. Gallagher’s (AJG) Bermuda-based captive management and alternative risk programmes operation, has acquired captive manager Heritage Insurance Management.
Heritage specialises in the formation and management of insurance and alternative risk solutions for their global clients primarily outside North America.
Heritage will continue to operate from its existing locations in Guernsey, Malta, Gibraltar and London locations under the direction of David McManus, president of Artex Risk Solutions.
Following the sale, Heritage Group reported strategic growth plans for its financial services, insurance and management office businesses. Heritage Group chief executive, Richard Tee, said the sale allowed the group to implement its strategy of concentrating on the businesses that have the greatest synergy and potential to grow.
David McManus, president of Artex Risk Solutions, said: "I'm absolutely delighted that Charles, Nick and their great team at Heritage have chosen to join us at Artex. The relationship between our companies goes back many years and this merger represents about as perfect a strategic fit as I can imagine.”
Nick Heys, who will become chief executive officer 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.
“Heritage is widely recognized as a premier provider of captive insurance management services in Europe," said J. Patrick Gallagher, chairman, president and CEO.
“Their extensive industry experience, global focus and strong international relationships will be a wonderful complement to Artex Risk Solutions as it continues to expand its operating presence outside North America. We are extremely pleased to welcome Nick and his team to our growing family of risk management professionals.”
