Gallagher’s subsidiary Artex Risk Solutions will acquire Bermuda-based insurance agency Horseshoe Insurance Services
Image: Gallagher to acquire Horseshoe Insurance. Photo: Courtesy of Pete Linforth/Pixabay
Artex Risk Solutions, the captive and alternative risk transfer solutions subsidiary of Arthur J. Gallagher, has agreed to acquire Bermuda-based Horseshoe Insurance Services for an undisclosed amount.
According to Arthur J. Gallagher, the deal is expected to be closed in the fourth quarter of this year, subject to regulatory approvals.
Established in 2005, Horseshoe Insurance Services has grown into one of the largest independent firms offering insurance management, fund administration, advisory and corporate services to the insurance-linked securities (ILS) market.
The firm also has offices in London, Cayman, Sri Lanka and Charlotte, North Carolina, has additionally developed customised, integrated technology solutions to improve its core customer value proposition, supporting its clients in the ILS segment.
Upon closing of the deal, Horseshoe Insurance Services chairman and CEO Andre Perez and his associates will continue to operate from their current locations and will report to Artex Risk Solutions CEO Peter Mullen.
Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr., said: “Horseshoe Insurance Services brings us deep market expertise and service offerings within the ILS market – a critical business segment – which will enhance the value we deliver to our existing client base.
“I would like to extend a warm welcome to Andre and his associates on behalf of our growing global team.”
Mullen said: “The Horseshoe team shares our company’s deep culture of innovation, teamwork and responsive customer service. Together, we have the opportunity to solidify our market-leading position as the largest provider of solutions to the ILS market.”
Horseshoe Insurance Services chairman and CEO comments on the acquisition
Perez said: “We are excited to join forces with Artex and Gallagher. Being part of a larger organization will give us the opportunity to access worldwide resources and accelerate the development of bespoke solutions and products for ILS.
“Our goal has and will always be to add value to our clients. Together we will have quite a formidable team dedicated to the ILS market.”
Last month, Arthur J. Gallagher had agreed to acquire LSG Insurance Partners, a Bloomfield Hills, Michigan-based insurance, risk management and consulting services agency, for an undisclosed amount.
The deal is expected to be closed in the fourth quarter of this year.