Bermudian-headquartered Artex Risk Solutions has acquired London-based Implement Compliance Solutions & Resources Ltd.

Terms of the transaction were not disclosed.

ICSR provides consulting and support services on compliance, governance, risk and operations to insurance firms primarily in Britain.

Artex said Kenneth Underhill and his team will remain in their present location under the direction of Paul Eaton, head of Artex EMEA (Europe, Middle East and Africa).

Mr Eaton said: "I'm delighted to welcome Kenneth Underhill and his team to Artex. ICSR, under Kenneth's stewardship, has built a well-respected reputation in the London Market for the delivery of cost-effective and pragmatic solutions, helping insurance clients with the establishment, operation, remediation and transformation of their businesses.

“This ethos aligns perfectly with the Artex approach of helping our clients find a better way, and I'm excited to be able to offer ICSR's range of complementary services to the Artex proposition."