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Arthur J Gallagher buys captive management firm Heritage Insurance

Arthur J Gallagher & Co (AJG), an insurance brokerage and risk management services firm based in Illinois, US, has purchased Heritage Insurance Management, a captive management firm that specializes in insurance and alternative risk solutions.

Based in St Peter Port, Guernsey, Heritage primarily caters to its global clients outside North America.

Heritage will continue its operations in Guernsey, Malta, Gibraltar and London with Nicholas Heys and his associates being in their current roles under the supervision of Artex Risk Solutions, AJG’s Bermuda-based captive management and alternative risk programs operation.

AJG chairman, president and CEO J. Patrick Gallagher said: "Heritage is widely recognized as a premier provider of captive insurance management services in Europe."

"Their extensive industry experience, global focus and strong international relationships will be a wonderful complement to Artex Risk Solutions as it continues to expand its operating presence outside North America."

The companies have not disclosed the financial terms of the deal.

Earlier this week, AJG agreed to buy 87% stake in Canadian insurance broker Noraxis Capital.