Arthur J Gallagher & Co, the international insurance broker, has acquired Kane Group’s insurance management operations (KIM).
The acquisition is expected to close on or around March 31, 2016. Other terms were not disclosed.
Kane is a global insurance management company specialising in the formation and management of insurance and alternative risk solutions with expertise in the healthcare, insurance, financial services, transportation and construction industries. It provides insurance-linked security (ILS) and structured transaction administration that supports catastrophe bonds, sidecars, collateralised 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 states of South Carolina and Vermont under the direction of David McManus, head of Artex Risk Solutions, Gallagher's Bermuda-based captive management and alternative risk programs operation.
"KIM is highly regarded for its industry-leading expertise in the ILS market and its emphasis on quality customer service," said J Patrick Gallagher, Jr, Arthur J Gallagher & Co's chairman, president and chief executive officer.
He added: "KIM's specialised products add to Artex's client capabilities, and its team will expand Artex's presence, particularly in Bermuda and Cayman. This group will be a wonderful complement to Artex Risk Solutions as it continues to add innovative client products and extend its international footprint. We are extremely pleased to welcome Rob, Linda, Ann and their colleagues to our growing family of risk management professionals."
It has also been announced that Kane’s captive management and ILS operations have been acquired by Artex Risk Solutions.
Arthur J Gallagher & Co, AJG, Kane, M&A, Insurance management, Bermuda, Guernsey, Europe, North America