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Holmes Murphy & Associates Inc. has acquired captive manager Global Captive Management, the Waukee, Iowa-based brokerage announced Monday.
Terms of the deal were not disclosed.
Global Captive Management, which is headed by longtime captive insurance executive Peter McKay, has offices in three captive domiciles: Cayman Islands, South Carolina and New Jersey. With a staff of 17, it managed 65 captives with total premium volume of $624 million in 2018.
Global Captive Management previously managed several captives operated by Holmes Murphy’s Innovative Captive Strategies subsidiary, the brokerage said in a statement.
After the acquisition, Global Captive Management will continue to operate under its existing name, the statement said.
Holmes Murphy is the 22nd-largest brokerage of U.S. business, according to Business Insurance’s latest ranking.
USI Holdings Corp. has acquired insurance brokerage Holmes Murphy & Associates Inc.’s operation in St. Louis, USI announced Tuesday.