Artex buys Cayman captive manager

Arthur J. Gallagher & Co.’s captive management unit, Artex Risk Solutions Inc., has acquired Cayman Islands-based Chandler Insurance Management Ltd. for an undisclosed amount.

Chandler owner and CEO Steve Butler and Beverley A. Hodkin, its senior administrator, will join Artex’s existing Cayman Islands unit, Artex said Wednesday in a statement.

According to its website, Chandler has operated in the Cayman Islands for more than 20 years and manages captive insurers covering a variety of risks that are traditionally covered by captives, including, auto liability, general liability and workers compensation. No further details on Chandler were available.

Artex is the world’s sixth-largest captive manager, according to Business Insurance’s latest ranking, operating in 30 domiciles.