Artex agrees to acquire Horseshoe
Artex Risk Solutions yesterday announced that it has reached agreement to acquire Horseshoe Insurance Services Holdings Ltd.
The transaction, which significantly strengthens Artex’s insurance-linked securities operations, is subject to regulatory approval and expected to complete before the end of the year, the company said.
Horseshoe specialises in providing insurance management, fund administration, advisory and corporate services to ILS and alternative fund markets.
Founded by Andre Perez in 2005, Horseshoe is headquartered in Bermuda, with operations in London, Grand Cayman, Sri Lanka and Charlotte, North Carolina.
Upon completion, Mr Perez and his associates will continue to operate from their current locations under the direction of Peter Mullen, chief executive officer of Artex, the company said.
Mr Mullen said: “The combination of the Artex and Horseshoe teams and technology will provide our clients with the opportunity to find all insurance management, fund administration and advisory services under one roof.”
He added: “Andre and his team mirror our culture at Artex. They will be a terrific fit and will help further our goal of becoming the best service provider to the world’s risk capital.”
Upon completion, Artex said, Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions “to better serve its clients and provide consistent delivery of services regardless of the domicile”.
Mr Perez, chief executive officer of Horseshoe, said: “We are excited to join forces with Artex. For more than 14 years, Horseshoe has been the leader in the ILS services industry and together we will have quite a formidable team dedicated to servicing the ILS market.”
He added: “Being part of a larger organisation will give us the opportunity to better serve our clients by accessing worldwide resources, and accelerating the development of bespoke solutions and products for ILS.”
Mr Mullen said: “At Artex, we are proud to be ranked as the world’s third largest insurance manager. The addition of Horseshoe will position us to continue evolving and pushing the boundaries of what a global, top-tier insurance provider looks like.”
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