Bermudian-headquartered Artex has launched alternative risk and captive management solutions in the Abu Dhabi Global Market in partnership with Gallagher.

The company said this new development and range of solutions allows Artex and Gallagher to further expand their services to support clients in the Middle East & Africa region.

Artex said the Middle East has experienced significant economic growth and diversification across various sectors in recent years with industries including energy, construction, finance and healthcare all growing at pace.

Paul Eaton, chief executive, Artex EMEA, said: “We are excited to expand our global Artex footprint by offering alternative risk and captive management services in ADGM.

“As companies expand their operations and face more complex risks, captives and other alternative risk transfer strategies are an increasingly important solution for the largest firms.

“Partnering with Gallagher’s existing team of professionals in the region provides a strong foundation for this new offering.”

Having launched in the region in early 2022, Artex said, Gallagher has built a large client base in MEA and employs a team of specialty, facultative and treaty risk professionals.

The team has extensive experience in sectors including aerospace, construction, marine, energy, power, renewables, special risks, crisis management and financial lines.

The firm also has retail broking operations through its joint partnership with Ace Gallagher, a pioneer in the MEA regional insurance industry, with roots dating back to 1952 and offices in Kingdom of Saudi Arabia, Bahrain, United Arab Emirates, Oman, Kuwait, Lebanon and Greece.

Nadim Semaan, senior executive officer of Gallagher in the Middle East & Africa, said: “This is a really exciting new step for Gallagher in the Middle East and Africa.

“Adding alternative risk solutions to the range of services, we offer means clients with even the most complex portfolios can access our services and talented team dedicated to helping them.

“From developing a captive to assessing an existing one, to funding and creating a risk profile, Gallagher and Artex have the experience and expertise to build the necessary structures.”