Broker Holmes Murphy strengthens offer with Global Captive Management acquisition
Holmes Murphy, the employee-owned and controlled insurance brokerage, has acquired Global Captive Management (GCM), which is licensed in Cayman Islands, as well as South Carolina and New Jersey.
Tom Stewart, president of Innovative Captive Strategies (ICS), a subsidiary of Holmes Murphy, said the acquisition strengthened its international presence.
“This acquisition is an extension of our current management presence,” he added.
GCM already manages several captive programs for ICS, with the two companies having a relationship that goes back two decades. The two leadership teams have built “a phenomenal relationship with a like-minded business approach,” said Holmes Murphy in a statement, adding that this was defined by their aggressive growth strategies and complementing cultures.
GCM continues to operate under its current name, structure, and employees, with chairman and CEO Peter MacKay continuing to supervise day-to-day operations. Dan Keough, chairman and CEO at Holmes Murphy, and Stewart will join GCM’s leaders to oversee governance and management responsibilities.
Keough said: “Our relationship with GCM has strengthened over the years, and we are confident that this partnership will position us to be even more competitive as we embrace future business opportunities.”
MacKay praised ICS’ due diligence and organisational processes. “This acquisition will not only strengthen our organisation, but it will also allow us to enhance our future capabilities,” he said.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Insurers struggling to fill key IT roles - Aon
Renewable energy insurer sets up post-Brexit European hub Davies Group makes strategic acquisition in the UK
Feature: 10 ways insurers are using insurtech to drive new business
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze