Wednesday, July 24, 2024

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Artex acquires Dublin-based Allied Risk Management

Artex Risk Solutions, owned by Arthur J. Gallagher & Co, has completed the acquisition of the Irish independent captive manager Allied Risk Management.

Artex, which already has significant presence in Guernsey, Malta and Gibraltar in Europe’s captive market, now adds Ireland to its domicile options.

Captive Intelligence understands Allied has seven captives under management, while it also offers actuarial and underwriting services.

Frank Coyle, who runs Allied, and his team will remain in place and report to Paul Eaton, who was appointed CEO of Artex International in January.

“Allied Risk is a highly respected company that will enhance Artex’s insurance management and actuarial capabilities,” said J. Patrick Gallagher, Jr, chairman, president and CEO of AJG.

“I am very pleased to welcome Frank and his associates to our growing, global team.”

Allied Risk Management’s future had been left uncertain since CBL Corporation, a New Zealand-based credit surety provider and financial risk insurer, which bought 40% of Allied in 2017, went into liquidation in February 2018.

Captive Intelligence understands several captive managers and brokers had been interested in a deal for Allied Risk Management, with Robus Group owners Ardonagh among those who had previously explored a deal.