Holmes Murphy, the employee-owned and controlled insurance brokerage, has acquired Global Captive Management (GCM).
Tom Stewart, president of Innovative Captive Strategies (ICS), a subsidiary of Holmes Murphy, said the acquisition strengthened its international presence. GCM is licensed in Cayman Islands, as well as South Carolina and New Jersey.
“This acquisition is an extension of our current management presence,” he added.
GCM already manages several captive programs for ICS, with the two companies having a relationship that goes back two decades. The two leadership teams have built “a phenomenal relationship with a like-minded business approach,” said Holmes Murphy in a statement, defined by their aggressive growth strategies and complementing cultures.
GCM continues to operate under its current name, structure, and employees, with chairman and CEO Peter MacKay continuing to supervise day-to-day operations. Dan Keough, chairman and CEO at Holmes Murphy, and Stewart will join GCM’s leaders to oversee governance and management responsibilities.
Keough said: “Our relationship with GCM has strengthened over the years, and we are confident that this partnership will position us to be even more competitive as we embrace future business opportunities.”
MacKay praised ICS’ due diligence and organisational processes. “This acquisition will not only strengthen our organisation, but it will also allow us to enhance our future capabilities,” he said.
Holmes Murphy, Global Captive Management, Tom Stewart, Dan Keough, Peter MacKay