Guernsey captive would boost alternative risk arrangements

Arthur J Gallagher & Co is in advanced talks to buy captive insurance specialist Heritage Insurance Brokers, Insurance Times has learned.

Based in Guernsey, Heritage also offers general broking services to the commercial, property and financial services markets in the Channel Islands.

In 2009 Heritage Group bought Heath Lambert’s captive management operations in Guernsey and Malta and the two companies agreed that Heritage would arrange captive insurance for Heath Lambert’s clients.

Heath Lambert was then bought by Gallagher in 2011.

In the US, Gallagher has ramped up its alternative risk management for clients through its Artex Risk Solutions arm. It offers captive arrangements in the US, Bermuda and Grand Cayman, but does not currently own a European-domiciled captive management arm.

Gallagher is also understood to be in exclusive negotiations to boost its UK retail arm with the purchase of Oval Insurance Brokers.

Gallagher declined to comment. Heritage was unavailable to comment at the time of publication.