Artex, one of the largest insurance management firms and a key facilitator in the insurance-linked securities (ILS) and collateralised reinsurance space, is expanding its global platform with the launch of an office in Singapore and the creation of Artex Risk Solutions (Singapore) Pte Ltd.
Artex is a subsidiary of insurance and reinsurance brokerage Arthur J. Gallagher & Co. The company provides its clients with a range of alternative risk transfer and management services, ranging from reinsurance transformers, to segregated cell structures, captives and other solutions that specifically target the collateralised reinsurance and ILS market.
Artex said that the Singapore office opening is the firm’s first base in the region and it will oversee the expansion of Artex’s Asia Pacific captive and risk solutions strategy and services.
With Singapore looking to become a domicile for ILS business, having made an offer to fund catastrophe bond issuance costs in order to help kick-start an ILS market in the city, a firm like Artex with its specific ILS expertise could find having a base there extremely beneficial.
Vic Pannuzzo has been hired as Chief Executive for the new Singapore office. He was most recently the Regional Managing Director of Aon’s risk consulting services in Asia and insurance management services for the Asia Pacific region.
“We’re delighted to bring Vic into the Artex family,” commented Nick Heys, CEO of Artex International. “With over 30 years of experience serving large multinationals in the insurance and risk services industry within the Asia Pacific marketplace, the last 17 managing and advising captive clients and prospects, Vic is well-equipped to establish Artex as the premier provider of captive services in the region.”
“I’m very excited to be part of this dynamic organization and look forward to offering true differentiation in captive and related services in Singapore and the developing region,” Pannuzzo said.
“Over the past few years Artex has developed into one of the fastest growing and most diverse insurance managers in the marketplace. We’ve broadened our reach into Europe, and significantly increased scale in Bermuda and the Cayman Islands,” added Artex President and CEO David McManus. “We have a number of clients in the Asia Pacific region already and believe that we now have a great opportunity to release the untapped potential in that marketplace. This expanded global reach also enhances the variety of solutions Artex offers our customers worldwide.”