Artex Risk Solutions acquires Kane’s captive management business


Bermuda-based global insurance management firm Artex Risk Solutions, has acquired the captive management and insurance linked securities (ILS) administration business of fellow insurance manager Kane.

It is expected that the transaction will close on March 31, 2016.

Kane operates insurance management businesses in all the world’s largest captive insurance domiciles with offices in Bermuda, Cayman, Vermont, Guernsey and South Carolina.

Kane LPI Solutions and its subsidiaries — Kane’s third party administration and fund administration business for the life, pension and investment market— was not involved in the sale process.

It will continue to be owned and operated by Kane. Kane LPI Solutions has its own corporate structure and operations in Bermuda, Cayman, the US, Malta and the UAE.  The firm has grown substantially over the last four years under the leadership of John Uprichard, its managing director.

Simon Hinshelwood, group chief executive of Kane, said: “Our view at Kane is that the industry as a whole is over supplied and needs consolidation for its long-term future stability and profitability. Kane was approached by a number of parties over the last six months who shared this view.

“The Board determined that the best way to explore the value of these approaches and to determine what may be the optimum solution for all stakeholders, was to hold a tightly-controlled but small formal process.”

He added: “That process concluded with the Board selecting to combine with Artex. Artex was chosen for multiple reasons, but importantly for our staff and clients because of its culture, its distribution reach, its strength in Europe and the USA, and the growth opportunities we believe it affords the Kane team.”

David McManus, president and chief executive officer of Artex Risk Solutions, commented: “We believe we’re the fastest growing and most diverse insurance manager in the industry. This exciting combination of operations and capabilities allows Artex to consolidate its position amongst the top three insurance management service providers in the world, with over 1,400 customers, served through over 900 risk bearing entities in 27 domiciles and 370 employees, providing our clients and business referral networks with substantially greater scale and resource breadth.”

Artex Risk Solutions, Kane, Captive insurance, M&A, Alternative risk management, ILS, Bermuda, Guernsey, Europe

Captive International