Acquisition will complement Gallagher’s Artex captive management unit

Arthur J Gallagher has bought Guernsey-based broker and captive manager Heritage Insurance Management for an undisclosed sum.

Insurance Times revealed in January that Gallagher was in advanced talks to buy Heritage.

Heritage managing director Nicholas Heys and associates will continue to operate from offices in Guernsey, Malta, Gibraltar and London.

They will report to David McManus, head of Gallagher’s Bermuda-based captive management operation Artex Risk Solutions.

Gallagher group chief executive Patrick Gallagher said: “Heritage is widely recognised 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.”