Artex has announced a new name for its cell facility solutions globally.

The Bermudian-based organisation is to transition all of its cell facility names to Artex Axcell over the next several months, the organisation said.

Artex said the change aimed to bring more efficiency and higher levels of service to clients seeking an alternative risk solution that demanded less time, investment and resources.

Peter Mullen, the island-based global chief executive of Artex, said: "The creation of Artex Axcell is the result of a rationalisation effort that will be phased across jurisdictions and will drive a consistent global approach.

"The new cell facility name is designed to highlight our best-in-class offering and build upon the strength and reputation of the Artex brand to entities across the US, Cayman, Bermuda and Guernsey."

Artex said cell facilities could be used for a variety of purposes, including to gain greater reinsurance and capital market access, provide flexibility in coverage, fill gaps in commercial policies, create new revenue streams, as an alternative to an owned captive and as a captive exit strategy.

Derived from the words "accelerate" and "cell," the company said, Artex Axcell represented a united, global approach for clients.

The company said that for organisations looking to lower total cost of risk and take more control than the traditional insurance market affords, Artex Axcell creatively brought a more efficient risk transfer vehicle with a lower investment of time, money and resources.

For capital market investors seeking a transformer structure, meanwhile, Artex Axcell is the market leader to advise, facilitate and execute these transactions quickly and effectively, the company said.

Artex is Gallagher's wholly owned subsidiary for alternative risk and capital, including fund administration.

It is established in more than 35 domiciles internationally.