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21 May 2014
Bermuda
Reporter Stephen Durham

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Artex acquires Heritage Insurance Management

Artex Risk Solutions has acquired Heritage Insurance Management (HIM), the specialist captive and insurance management arm of Guernsey-headquartered Heritage Group.

Established in 1993 and led by executive chairman Charles Allen and managing director Nick Heys, HIM specialises, primarily, in the creation and management of insurance solutions for clients outside of North America.

It employs teams of industry experts with extensive capabilities and detailed knowledge of their specialist markets, offering both captive programmes that service small and medium enterprise (SME) clients and solutions geared to the non-US, large and mega-cap multinational arena.

HIM currently has annual revenues of approximately $20 million and just over 100 employees operating in Guernsey, Malta, Gibraltar and London.

The deal will see Artex expand beyond North America for the first time, with the acquisition of a fully established European-based captive management facility, which will trade as Artex International in due course.

Together Artex North America, Artex International will serve almost 1,000 captive clients, operate from 15 locations (with licenses in 20 captive domiciles) and employ more than 300 captive and alternative risk professionals, making Artex one of the largest captive managers in the world.

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.”

“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 organisations 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 CEO of the new international arm reporting to 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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