Artex renames Kane SAC private ILS platform

by Artemis on May 3, 2016

Artex Risk Solutions, an insurance and reinsurance management unit of broker Arthur J. Gallagher & Co., has renamed the private catastrophe bond, ILS and segregated accounts company it inherited through the acquisition of Kane, to Artex SAC Limited.

Artex acquired independent insurance and reinsurance manager Kane in a deal confirmed in March, inheriting its insurance-linked securities (ILS) focused operations as well as insurance management and administration capabilities.

Part of the infrastructure acquired by Artex was the Kane SAC Limited platform, the Bermuda domiciled reinsurance and segregated accounts vehicle which facilitates the Kane SAC Limited Note Program private ILS and cat bond lite type transactions. Kane had launched the platform in 2013.

Now renamed to Artex SAC Limited, the platform will continue to act as a facilitation and issuance vehicle for sponsors and insurance-linked securities (ILS) managers looking to transact collateralised reinsurance deals with the ability to securitise and list the notes on an exchange.

The Kane SAC platform was among the most widely used such platforms in the ILS market, with many reinsurance transactions, from quota shares to specific one-off ILS deals, completed through the vehicle and its note program.

Artex also acquired the Hexagon Insurance PCC Ltd. vehicle, domiciled in Guernsey, giving it a European platform which is also widely used for transacting collateralised reinsurance deals for ILS managers and insurer or reinsurer sponsors.

These platforms facilitate the completion of smaller transactions in the ILS and collateralised reinsurance space, providing investors and ILS managers with cost-efficient and low-friction facilities to transact and invest in insurance and reinsurance transactions.

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