Independent fund administrator Apex Group Ltd. is set to rebrand the acquired Equinoxe Alternative Investment Services to Apex Insurance Fund Services, as the firm looks to capitalise on its experience in insurance-linked securities (ILS) fund administration.
The ILS fund administration business is becoming increasingly competitive, with numerous companies offering a range of services to the sector, with differing approaches, levels of experience in the sector and of course levels of fees.
That’s good for the managers of ILS funds and collateralized reinsurance structures, as it provides choice and a range of providers to choose from and with Bermuda being a hot-bed for ILS activity it is no surprise that a number are based on the island.
Apex has been established since 2003, servicing hedge funds and investment funds around the world with its 1,200 staff across 24 jurisdictions and currently administers roughly $350 billion in assets.
In 2017, Apex expanded its fund administration services with the acquisition of Equinoxe Alternative Investment Services and also took on capital from private equity investor Genstar, as it looked to grow and also gain greater expertise in the ILS fund administration space.
Apex then made its expansion into the insurance-linked securities (ILS) fund servicing space official in late 2017, announcing the hiring of Matthew Charleson from Kane LPI Solutions to lead its Bermuda office as Head of Insurance Fund Services, as well as its plans to rebrand.
That rebranding is now complete, with the new unit focused on insurance, reinsurance and ILS fund administration called Apex Insurance Fund Services.
Charleson commented on the news, “The successful rebrand of Equinoxe Bermuda to Apex Insurance Fund Services highlights the seamless integration of the wider Equinoxe business into the Apex Group. The combined team allows us to offer unrivalled expertise and to better serve insurance funds both locally and beyond.”
Founder and CEO of Apex, Peter Hughes, also said, “Providing a full service offering in Bermuda to vehicles investing in insurance fund products and insurance-linked securities (ILS) underscores Apex’s commitment to always delivering client-focused services locally. When we combine our total service model with the ability to service all European jurisdictions and regulated products including banking it ensures we have the most comprehensive offering in the Bermuda market.”