Holmes Murphy buys captive manager

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.