Gallagher's Bermuda unit buys insurance managerPosted On: Mar. 22, 2016 12:00 AM CST
Artex Risk Solutions Inc. has acquired the insurance management operations of the Kane Group Ltd.
Terms of the deal were not disclosed.
Following completion of the transaction, which is expected to close March 31, Artex's Bermuda and Cayman operations will combine into Kane's, Hamilton, Bermuda-based Artex said Monday in a statement. Together with Kane's Guernsey operation, the combined unit will report to Guernsey-based Nick Heys, CEO of Artex International, and Kane's U.S. operations in South Carolina and Vermont will merge into Artex's U.S. business, according to the statement.
The Kane operation specializes in the formation and management of insurance and alternative risk solutions with expertise in the health care, insurance, financial series, transportation and construction industries, Artex said in its statement.
It also provides insurance-linked security and structured transaction administration that supports catastrophe bonds, sidecars, collateralized reinsurance and similar structures, according to the statement.
“Kane is rightly recognized in the industry for the quality of its people and its innovative products and platforms,” David McManus, Hamilton-based president and CEO of Artex Risk Solutions, said in the statement. “This merger strengthens us considerably in Cayman and Bermuda and brings us industry-leading expertise in insurance linked securities and structured transactions administration.”
Mr. McManus said the transaction does not include Guernsey-based Kane's life, pension and investment administration business.
Artex is a subsidiary of Itasca, Illinois-based Arthur J. Gallagher & Co.
Kane Group got into insurance management in 2011, when it completed a $27.5 million acquisition of those operations of HSBC Group.