Howden, the global insurance group, is to enter the captive management market with the announcement that it has agreed to acquire ARM Group Holdings Ltd, which has an office in Bermuda.

ARM is the parent of Alternative Risk Management, one of the largest independent insurance managers in Europe and a specialist in the formation and management of insurance captives.

Howden said this represents a significant step in its strategy to accelerate the growth of its Multinational Clients Practice and its commitment to delivering the best solutions for multinational and large clients.

Based in Guernsey and with a management licence in Bermuda, Howden said, ARM is a group of companies that provide insurance management services to clients worldwide.

The company said ARM offers a comprehensive and diverse range of services, managing more than 80 captive structures.

Morwenna Howell, managing director and global practice leader, Howden Multinational Clients Practice, said: “In-house captive capabilities are an essential piece of the puzzle in order for us to provide unparalleled solutions for our large and multinational clients.

“This is a growing market with strong demand for new entrants, and by harnessing the power of our global network, our market-leading specialty, reinsurance and analytics capabilities, and now our enhanced captive capabilities, we look forward to continuing our growth.”

Charles Scott, managing director, ARM, said: “We have built a robust, successful business in the last 20 years, and joining with Howden represents the logical next step in our journey.

“It has been an easy decision to make as we already manage a number of Howden clients, allowing us to get to know them and vice versa.

“We share Howden’s entrepreneurial spirit and client-centric approach and look forward to providing worldwide captive solutions to Howden and other clients.”

The transaction is subject to regulatory approvals.