Heritage buys 40% stake in Aro

Guernsey-based provider of insurance and financial services Heritage Group has acquired a 40 percent stake in Aro Underwriting Group.

Heritage has acquired existing shares from an outgoing shareholder and also invested in new shares in Aro, a UK schemes specialist managing general insurance agent (MGA).

James Bright, Aro managing director, said: "We have proved, over the past 12 months in particular, that our approach to schemes works well in the UK regional market. With Heritage on board, and support from ‘A rated’ capacity across 10 products, we are set to grow the business into some very exciting new areas in 2015."

Richard Tee, Heritage Group chief executive, said: “Heritage has an on-going strategy of seeking and investing in specialist businesses that combine well with the expertise within the group. We have been really impressed by James and the Aro Underwriting team and we’re  looking forward to the opportunities this investment will bring.”