Kane Bolsters Team with Leading Industry Figures

NEWS RELEASE

21 March 2016

Kane announces sale of its Insurance management business to Artex Risk Solutions

Kane, the owner of the largest global independent insurance manager, has today announced that it has agreed to sell its captive management and insurance linked securities administration business to Artex Risk Solutions. Kane operates insurance management businesses in all the world’s largest captive insurance domiciles with offices in Bermuda, Cayman, Vermont, Guernsey and South Carolina. In 2015, Kane was ranked sixth largest globally1 in terms of the number of captive insurance structures managed and fourth largest by premium volume.

In addition, Kane’s Insurance Linked Securities (ILS) team is one of the largest and most experienced in the administration sector. Involved in the Catastrophe Bond arena since its inception, the team also pioneered the Kane SAC platform, an innovative solution to facilitate the flow of smaller transactions into the Catastrophe Bond sector.

Speaking about these developments, Simon Hinshelwood, Group Chief Executive of Kane, said: “Our view at Kane is that the industry as a whole is over supplied and needs consolidation for its long-term future stability and profitability. Kane was approached by a number of parties over the last six months who shared this view. The Board determined that the best way to explore the value of these approaches and to determine what may be the optimum solution for all stakeholders, was to hold a tightly-controlled but small formal process.

“That process concluded with the Board selecting to combine with Artex. Artex was chosen for multiple reasons, but importantly for our staff and clients because of its culture, its distribution reach, its strength in Europe and the USA, and the growth opportunities we believe it affords the Kane team.”

David McManus, President and CEO of Artex Risk Solutions, said: “We believe we’re the fastest growing and most diverse insurance manager in the industry. This exciting combination of operations and capabilities allows Artex to consolidate its position amongst the top three insurance management service providers in the world, with over 1,400 customers, served through over 900 risk bearing entities in 27 domiciles and 370 employees, providing our clients and business referral networks with substantially greater scale and resource breadth.”

Kane LPI Solutions Limited and its subsidiaries — Kane’s third party administration and fund administration business for the Life, Pension and Investment market— was not involved in the sale process. It will continue to be owned and operated by Kane. Kane LPI Solutions has its own corporate structure and operations in Bermuda, Cayman, the US, Malta and the UAE. The firm has grown substantially over the last four years under the leadership of John Uprichard, its Managing Director. 1 Business Insurance, Captive Manager Survey 2015 Press Enquiries Suzanne Hirst Allen & Clapham M +44 (0)7988 140357 E [email protected]

TAGS/KEYWORDS: Kane, Artex, Hinshelwood, McManus, insurance management, insurance linked securities, Bermuda, Cayman, Vermont, Guernsey, South Carolina

Notes to Editor

Kane is the largest global, independent provider of specialist insurance management services. From offices in Bermuda, Cayman, Europe, the US and the Middle East, Kane’s experienced professionals serve clients on a global basis.

Kane's extensive expertise encompasses the following areas: Insurance-Linked Securities administration, Captive Management and Life, Pension & Investment administration.

Kane is regulated by the Bermuda Monetary Authority in Bermuda, the Cayman Islands Monetary Authority in Cayman, the Guernsey Financial Services Commission in Guernsey, the Malta Financial Services Authority in Malta, and individual State authorities in the USA.

For further information, please visit: www.kane-group.com