Itasca, Ill.-based Arthur J. Gallagher & Co. on Wednesday said it has acquired captive insurance manager Heritage Insurance Management Ltd.
Terms of the deal were not disclosed.
Based in St. Peter Port, Guernsey, Heritage specializes in the formation and management of insurance and alternative risk solutions for global clients.
In a statement announcing the acquisition, Gallagher said Heritage managing director Nicholas Heys and his associates will continue to operate from their Guernsey, Malta, Gibraltar and London locations. Mr. Heys will report to David McManus, head of Artex Risk Solutions, Gallagher's Bermuda-based captive management and alternative risk programs operation.
“Heritage is widely recognized as a premier provider of captive insurance management services in Europe,” Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. said in a statement. “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.”