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Guernsey’s Heritage Group has acquired a 40% stake in Aro Underwriting Group - a specialist insurance schemes managing general agent (MGA).
Heritage, an insurance and financial services group, has acquired existing shares from an outgoing shareholder and also invested in new shares in the group which is a specialised type of insurance agent that is vested with underwriting authority from an insurer.
Heritage, in partnership with the Aro management team, will be investing further in the business over the next three years.
Heritage Group chief executive, Richard Tee, said: “Heritage has an on-going strategy of seeking and investing in specialist businesses that combine with the expertise within the group. We have been really impressed by the Aro underwriting team and we’re looking forward to the opportunities this investment will bring.”
Aro managing director, James Bright, said: "We have proved, over the past 12 months in particular, that our approach to schemes works well in the UK regional market and, with Heritage on board and support from ‘A rated’ capacity across 10 products, we are set to grow the business into some very exciting new areas in 2015."
