Artex Risk Solutions has fortified its Insurance Linked Securities (ILS) capability with the purchase of Hexagon Insurance PCC Ltd.
The firm has acquired the cores of Guernsey-domiciled Hexagon and its subsidiaries.
The deal extends Artex's new ILS capability, building upon the recent acquisition of Kane's insurance management operations. 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 ILS 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. 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. We are excited to welcome Justin Wallen and Ben Dunning to the Artex family," said Nick Heys, CEO of Artex's International operations.
David McManus, President of Artex Risk Solutions, said the Hexagon and Kane purchases had instantly established Artex as a leading global ILS services provider with 'scale, depth and diversity that few, if any, can match'.
"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," said Mr McManus.
Robus Group Chairman Mike Leonard said: "We are very pleased to have completed this deal and found a new home for the insurance linked security team, as this allows Robus to concentrate on its core strengths of supporting and managing businesses in Guernsey and Gibraltar. Following our recent appointment of Simon Walker as Robus Group CEO, this marks a new chapter for our group."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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