Artex Risk Solutions, the insurance and reinsurance management unit of broker Arthur J. Gallagher & Co., has continued its expansive ambitions and has acquired Quest Holdings (Gibraltar) Ltd., the largest insurance manager in Gibraltar, which of course is another domicile with ILS ambitions.
Artex has been on an acquisition spree in recent weeks, as the insurance manager looks to expand its reach and remit, targeting the insurance-linked securities (ILS), collateralised reinsurance and private cat bond space.
First, Artex secured itself one of the leading teams in insurance-linked securities (ILS) management and private catastrophe bond facilities, with the acquisition of the Kane ILS management business and team.
Then Artex quickly followed that with the acquisition of Guernsey-domiciled Hexagon Insurance PCC Ltd., a platform used by a number of the world’s leading ILS investment managers, as they transact and transform reinsurance risks on a fully collateralised basis using its protected cells.
Now, Artex has added a Gibraltar outfit to its insurance and reinsurance management roster, with the acquisition of Quest Holdings (Gibraltar) Ltd. Founded in 2004, Quest is the largest specialist insurance manager in Gibraltar, giving Artex a European Union domicile-base to add to its global operations.
“We had long admired Quest’s leading position in the Gibraltar insurance market and their style and approach to business makes them a perfect match for Artex. We’re very happy to welcome Steve Quinn, Chief Executive Officer and Founder of Quest, and his staff to the Artex family,” commented Nick Heys, CEO of Artex’s International operations.
David McManus, President of Artex Risk Solutions, said; “Quest strengthens us considerably within the Gibraltarian insurance market and brings particular expertise in the UK motor arena. In addition their broader European knowledge and relationships will help drive Artex’s International growth and complement the recent acquisitions of Hexagon and Kane’s insurance management operations. We are looking forward to developing many new and exciting opportunities with Steve and his great team.”
Gibraltar has ambitions to become a hub for ILS and catastrophe bond transactions within the European Union, with one transaction completed there to date. The domicile has launched a raft of legislation and initiatives aimed at attracting ILS business to it, such as protected cell companies for ILS, exchange traded instruments for ILS funds, and a full suite of ILS and cat bond guidelines including provisions for a special purpose reinsurance vehicle.
So Artex now has access to insurance and reinsurance management in four ILS domiciles, Bermuda, the Caymans, Guernsey and Gibraltar, which in time can only serve to provide additional choice to its ILS sector clients and ILS cedants, as the market grows and participants look for increased numbers of locations to work in.