Aro Underwriting Group has completed the sale of 40 percent of its shares to Heritage Group, the Guernsey-based provider of insurance and financial services.
Heritage has acquired shares from an existing shareholder and also invested in new shares in Aro, a UK schemes specialist managing general insurance agent.
Heritage has stated that, in partnership with the Aro management team, it will be investing further in the business over the next three years.
Aro managing director James Bright 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."
Heritage Group chief executive Richard Tee commented: “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 Bright and the Aro Underwriting team and we’re looking forward to the opportunities this investment will bring.”
