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Guernsey company Heritage has sold its insurance management business to Artex Risk Solutions (an independent trading subsidiary of AJ Gallagher & Co) today and announced strategic growth plans for its financial services, insurance and managed office businesses.
Heritage Group chief executive, Richard Tee, said the sale allowed the group to implement its strategy of concentrating on the businesses that have the greatest synergy and potential for growth.
“The release of our captive insurance business enables us to focus on developing our five specialist business units: fund management administration and depository, corporate administration and wealth management, insurance broking, insurance underwriting and our new managed services offering,” Mr Tee said.
The new group will become wholly management-owned following the sale of shares by exiting HIM management, Polygon Group and Hiscox Insurance (Guernsey) Ltd.
“We will look to grow both organically and, where appropriate, by acquisition in our key specialist businesses – something that could have been limited under the previous structure,” Mr Tee said.
Long-standing Heritage directors, Laurence McNairn and Kevin Roberts join the existing Heritage Group board members Richard Tee, Mark Huntley and Karl Bradley.
Heritage Financial Services head, Mark Huntley, said: “The sale is extremely positive for Heritage Group; it enables us to actively develop our key financial services and thriving insurance business streams.
Artex will become a tenant of Heritage Hall in Guernsey. Heritage Services will provide Artex with a variety of facilities and professional services in managed offices.
