Artex strengthens its global presence through the acquisition of Kane’s insurance management operations

Mar 21, 2016

Artex strengthens its global presence through the acquisition of Kane’s insurance management operations

 

Deal brings new ILS capability and scale in Cayman and Bermuda

Bermuda, 21 March, 2016

Artex Risk Solutions today announced that it has reached agreement with Kane to acquire its insurance management operations(“KIM”). The transaction is expected to close on the 31st of March 2016.

With a history that dates back to 1984, KIM is a global insurance management company specializing in the formation and management of insurance and alternative risk solutions with expertise in the healthcare, insurance, financial services, transportation and construction industries. It is a market leading provider of Insurance-Linked Security and structured transaction administration (ILS) since its emergence in the late 1990’s, supporting catastrophe bonds, sidecars, collateralized reinsurance and similar structures. Robert Eastham, Linda Haddleton, Ann West and their associates will continue to operate from their locations in Bermuda, Cayman, Guernsey, and in the US in South Carolina and Vermont.

“Kane is rightly recognized in the industry for the quality of its people and its innovative products and platforms. This merger strengthens us considerably in Cayman and Bermuda and brings us industry-leading expertise in Insurance Linked Securities and structured transactions administration. Combining these resources with the power of Artex’s distribution network is expected to drive exponential growth in each of the domiciles represented. This truly is a transformational merger and I’m delighted to welcome Rob, Linda, Ann and their teams to Artex,” said David McManus, President and CEO of Artex Risk Solutions.

Simon Hinshelwood, Group Chief Executive of Kane, said: “Kane was approached by a number of parties over the last 6 months who share our view that the industry would benefit from consolidation. The Board determined that the best way to explore the value of these approaches was to hold a tightly controlled but formal process. That process concluded with the Board selecting Artex for multiple reasons but importantly to our staff and clients, its culture, its distribution reach, its strength in Europe and the USA and the opportunities we believe it affords the Kane team for growth.”

Artex’s operations in Bermuda and Cayman will combine into Kane’s under the respective leadership of Rob Eastham and Linda Haddleton who together with Kane’s Guernsey team will report into Nick Heys, CEO of Artex International. Kane’s US operations in South Carolina and Vermont will merge into Artex’s US business under the leadership of Jennifer Gallagher, President of Artex North America.

McManus added, “We believe we’re the fastest growing and most diverse insurance manager in the industry. This exciting combination of operations and capabilities allows Artex to consolidate its position amongst the top 3 insurance management service providers in the world. We will have more than 1,400 customers, served through over 900 risk bearing entities in 27 domiciles and 370 employees, providing our clients and business referral networks with substantially greater scale and resource breadth.”

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Artex Risk Solutions

Artex is a risk solutions company delivering collaborative expertise from specialists who analyze, design, manage and provide access to cost effective risk solutions. Headquartered in Bermuda, they service over 1,400 customers, through over 900 risk bearing entities licensed in 27 domiciles and 370 employees.

Artex is a wholly owned, autonomous subsidiary of Arthur J. Gallagher & Co. (NYSE: AJG) — one of the world’s largest insurance brokerage and risk management services firms. Gallagher is headquartered in Itasca, Illinois, has operations in 31 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

To learn more about Artex, please visit www.artexrisk.com. Find us on Twitter @artexrisk and on LinkedIn at https://www.linkedin.com/company/artex-risk-solutions-inc.

Contact

Christine Mikel
Vice President, Marketing & Promotion
+1-630-438-1560

David McManus
President and CEO Artex Risk Solutions 
+1-441-294-4321