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Heritage Group continues expansion following insurance management business sale

Following the sale of Heritage Insurance Management (HIM) to Artex Risk Solutions (an independent trading subsidiary of AJ Gallagher & Co) today, Heritage Group has announced strategic growth plans for its remaining five specialist 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 to grow.

“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 facilities, office accommodation and professional support offering,” Mr Tee said.

The new group will become wholly management-owned following the sale of shares by exiting shareholders including Polygon Group.

“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.

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.

“We have been able to properly align the equity of the group with our business interests and, through our talented people, we’re focussed on our capacity and capabilities and the excellent client services we deliver.”

Long-standing Heritage directors, Laurence McNairn and Kevin Roberts join the existing Heritage Group board members Richard Tee, Mark Huntley and Karl Bradley.

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Estera has acquired Heritage Financial Services Group.

Estera is a leading global provider of fiduciary and administration services. The 
acquisition of Heritage Financial Services Group is central to the expansion of 
our funds service line and also expands jurisdictional choice for our trust and 
corporate clients.

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