Artex International CEO Paul Eaton has said the acquisition of Dublin-based Allied Risk Management and the addition of Ireland as a domicile option for its clients was a “natural progression” for the captive manager.
Captive Intelligence reported in May that Artex had completed the acquisition of Allied, bringing across Frank Coyle and his team with seven captives under management in the jurisdiction.
“We already have operations in Malta, Gibraltar and Guernsey, so adding Ireland complements our European business and offers another excellent choice of domicile for our existing and new clients,” Eaton told Captive Intelligence.
“We were delighted to acquire the Allied business as not only is it a fantastic team with a great client base, but also, it’s an excellent cultural fit which is vitally important in any expansion.”
Eaton believes that the combined expertise of the two companies will deliver greater value for their joint client base.
He also revealed that Artex is keen to build out its actuarial and analytics capabilities, and the addition of Allied will add another five actuaries with strong captive expertise to the team.
“We’re confident that this is an area that’s going to grow for Artex significantly over the next few years, so being able to add that talent to our team was part of the attraction, as it will help us grow that part of the business,” Eaton said.
He also highlighted that the Allied acquisition will allow the company to make the most of Ireland’s active catastrophe bond market.
“There have been some cat bonds that have been launched and managed in Ireland and this acquisition will also help support our Capital Solutions business should any of our clients decide to use Ireland in the future,” Eaton added.
Artex Capital Solutions already provides ILS, fund administration and reinsurance management in Bermuda and Guernsey.