Arthur J. Gallagher & Co. Signs Agreement to Acquire Agency in Bermuda
- October 03, 2019
Arthur J. Gallagher & Co. Signs Agreement to Acquire Horseshoe Insurance Services Holdings Ltd.
ROLLING MEADOWS, IL -- Arthur J. Gallagher & Co. announced that its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions, has signed an agreement to acquire Horseshoe Insurance Services Holdings Ltd. The acquisition is subject to regulatory approvals and is expected to close in the fourth quarter of 2019.
Founded in 2005 and headquartered in Bermuda, Horseshoe is the largest independent company providing insurance management, fund administration, advisory and corporate services to the insurance-linked securities (ILS) market. The firm, which also has offices in London, Cayman, Sri Lanka and Charlotte, N.C., has additionally developed customized, integrated technology solutions to enhance its core customer value proposition and support clients operating in the ILS segment. Andre Perez and his associates will continue to operate from their current locations under the direction of Peter Mullen, CEO of Artex Risk Solutions.
"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," said J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher & Co. "I would like to extend a warm welcome to Andre and his associates on behalf of our growing global team."
"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," said Peter Mullen, CEO of Artex, noting that Horseshoe will become the global brand of ILS services for Artex.
"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," said Andre Perez, CEO of Horseshoe. "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."