Artex Risk Solutions announced it has entered into a definitive agreement to acquire the cores of Guernsey-domiciled Hexagon Insurance PCC Ltd. and its subsidiaries.
All regulatory approvals have been received and the deal is expected to close on March 31, 2016.
Established in August 2011, Hexagon is part of Robus Group, founded by the late Chris Le Conte, exclusively providing protected cell company (PCC) facilities to the insurance linked securities industry.
The deal includes the company’s three subsidiaries: Axe Insurance PCC Ltd., Septagon Insurance PCC Ltd. and Hexagon ICC Ltd.
“Hexagon’s expertise and legacy of innovation is well-known in the alternative capital segment of our industry,” said Nick Heys, CEO of Artex’s international operations.
“This merger, in addition to the recently announced acquisition of Kane’s ILS and structured transaction administration services, positions us as a leading player in this field,” Heys added. “We are excited to welcome Justin Wallen and Ben Dunning to the Artex family.” (Wallen is the managing director of Hexagon Insurance PCC while Dunning is Hexagon’s group accountant and director.)
“Hexagon’s widely recognized European ILS expertise combined with Kane’s stature in the Bermuda and Cayman markets, instantly establishes Artex as a leading global ILS services provider with scale, depth and diversity that few, if any, can match,” said David McManus, president of Artex Risk Solutions.
“As we continue to expand, Artex is committed to lead innovation across the full range of alternative risk management solutions in order to better match our clients’ and business referral partners’ developing needs,” he went on to say.
Bermuda-based Artex Risk Solutions Inc. specializes in captive management and alternative risk programs. It is a wholly owned, autonomous subsidiary of Arthur J. Gallagher & Co.
Source: Artex Risk Solutions