Heritage Group has acquired Heath Lambert's risk retention and captive management division.
The Guernsey headquartered firm has acquired the whole of the issued share capital of the Heath Lambert captive management operations in Guernsey and Malta.
Heritage Insurance Management (HIM) will now have 150+ clients throughout Europe, making it one of the largest independent captive managers globally.
Richard Tee, Chief Executive of Heritage Group, said: "This acquisition fits with our growth strategy in both Guernsey and Malta and adds to the skills that we can provide clients in the specialist field of captive insurance management. While this acquisition has no effect on Heritage's independence, it does add significantly to our blue chip client portfolio and confirms Heritage as one of the largest independent captive managers globally."
Merise Wheatley, Managing Director of Heath Lambert's captive management operation in Guernsey, is to take up the role of Client Accounting Director for HIM in Guernsey and will join the HIM executive board.
Her team will continue working with the Heath Lambert group as approximately half of their captive clients are still Heath Lambert broking clients.
Charles Allen, Chief Executive of HIM, said that the company worked with other brokers on a similar basis and that essentially Heath Lambert had outsourced their captive management service to Heritage.
He confirmed that all of Heath Lambert's clients will be managed by Heritage and there would be an uninterrupted service.
Heath Lambert has said that it had recognised an increasing demand for risk retention and captive management services. Following a review, the company had determined that its clients' interests would be best served in resourcing these technical, administrative and geographic demands by working with an equally well respected and independent captive management organisation.
Alan Pratten, Managing Director of Retail Clients and Development at Heath Lambert, said: "This deal is an excellent example of how Heath Lambert is working with its strategic business partners to evolve its client offering. Working with Heritage allows both parties to maximise their skills, enhance the range of technical, insurance and financial management resources, plus add real value to the international client base. It will provide our clients with an augmented service, safe in the knowledge that service will remain central to Heath Lambert's captive proposition."
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