Horseshoe, the Bermuda-headquartered specialist ILS, insurance or reinsurance management and fund administration, servicing, and risk transformation specialist, is now owned by Artex Risk Solutions, as the acquisition completed today, creating the largest ILS service firm that will operate under the Horseshoe brand.
The acquisition had been announced back in October and the transaction has gone through swiftly.
It sees Arthur J. Gallagher & Co’s captive and alternative risk transfer solutions subsidiary Artex Risk Solutions, Inc. acquiring Bermuda-based Horseshoe Insurance Services Holdings Ltd. for an undisclosed sum.
Artex said that the acquisition, “significantly strengthens its insurance-linked securities (ILS) operations and furthers the company’s goal to become the best service provider to the world’s risk capital.”
Horseshoe will become the global brand behind the insurance-linked securities (ILS) service offering of Artex, with the now combined entity set to operate as one global team across the multiple jurisdictions they serve.
It’s expected that this will enable even better service for clients and consistent delivery of the ILS offering of Artex under the Horseshoe brand, regardless of the domicile operated or transacted in.
Bringing these two companies together creates a predominant service provider for the ILS and collateralised reinsurance sector.
The majority of ILS funds, ILS investors and reinsurance firms leveraging third-party capital, are likely to be working with one of the pair in some direct or indirect capacity already, providing them with a significant reach into ILS market operations.
Horseshoe was the largest independent company offering insurance management, fund administration, advisory and corporate services to the insurance-linked securities (ILS) market, so a natural fit into Artex’s ILS focused specialisms and provides the company with enhanced reach and service breadth in the sector.
With the acquisition now completed, Andre Perez and his team at Horseshoe will continue to operate from current office locations under the direction of Peter Mullen, CEO of Artex Risk Solutions.
While the acquisition does shrink the range of choice of ILS market service providers, it’s important that as the ILS market grows it has access to robust and institutional quality providers of these vital services.
Meaning this combined offering under the Horseshoe brand and under the AJG umbrella, will be a powerful proposition going forwards.