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Arthur J. Gallagher & Co. on Thursday said its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions Inc., has acquired reinsurance intermediary EWI Re Inc.
Terms of the transaction were not disclosed. EWI Re was a unit of Dallas-based NL Industries Inc., a diversified holding company, according to its website.
EWI Re, also based in Dallas, offers reinsurance program design and placement services for captive insurers and mutual fund companies, runoff and legacy services, and safety and loss control services, with a specialty risk management practice built to support large policyholders with demanding insurance needs, Gallagher said in a statement.
EWI Re President Steven M. McElhiney will remain with the firm, according to a Gallagher spokeswoman.
Arthur J. Gallagher & Co. is the world’s fourth-largest insurance broker, according to Business Insurance’s latest ranking.
Artex Risk Solutions Inc., the Bermuda-based captive management subsidiary of insurance broker Arthur J. Gallagher & Co., has confirmed that it is involved in an Internal Revenue Service probe into captive insurers formed under 831(b) of the Internal Revenue Code.