Artex Risk Solutions has fortified its Insurance Linked
Securities (ILS) capability with the purchase of Hexagon Insurance
The firm has acquired the cores of Guernsey-domiciled Hexagon
and its subsidiaries.
The deal extends Artex's new ILS capability, building upon
the recent acquisition of Kane's insurance management
operations. Established in August 2011, Hexagon is part of Robus
Group, founded by the late Chris Le Conte, exclusively providing
Protected Cell Company (PCC) facilities to the ILS industry.
The deal includes the company's three subsidiaries: Axe
Insurance PCC Ltd., Septagon Insurance PCC Ltd. and Hexagon ICC
"Hexagon's expertise and legacy of innovation is
well-known in the alternative capital segment of our industry. This
merger, in addition to the recently announced acquisition of
Kane's ILS and structured transaction administration services,
positions us as a leading player in this field. We are excited to
welcome Justin Wallen and Ben Dunning to the Artex family,"
said Nick Heys, CEO of Artex's International operations.
David McManus, President of Artex Risk Solutions, said the
Hexagon and Kane purchases had instantly established Artex as a
leading global ILS services provider with 'scale, depth and
diversity that few, if any, can match'.
"As we continue to expand, Artex is committed to lead
innovation across the full range of alternative risk management
solutions in order to better match our clients' and business
referral partners' developing needs," said Mr McManus.
Robus Group Chairman Mike Leonard said: "We are very
pleased to have completed this deal and found a new home for the
insurance linked security team, as this allows Robus to concentrate
on its core strengths of supporting and managing businesses in
Guernsey and Gibraltar. Following our recent appointment of Simon
Walker as Robus Group CEO, this marks a new chapter for our
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
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