Merise Wheatly, Charles Allen and Heritage Insurance Management MD Nick Heys. (Picture by Adrian Miller, 0843801)

HERITAGE GROUP has purchased Heath Lambert’s risk retention and captive management divisions in both Guernsey and Malta.

The Guernsey deal sees eight staff from Heath Lambert absorbed locally into Heritage Insurance Management, the captive insurance division of the Heritage Group, and two join its four members of staff in Malta.

Nick Heys, managing director of Heritage Insurance Management, said the strategic relationship deal had followed very thorough negotiations between the two senior management teams for the past four or five months.

‘It’s an extremely good fit in terms of staff, the portfolio of clients and the similar work ethics of the two firms. For our overall business it is very good news.’

An increasing demand for risk retention and captive management services led to Heath Lambert conducting a review, which found that the needs of its clients would be better served by working with an independent captive management organisation.

Alan Pratten, managing director of retail clients and development at Heath Lambert, said the deal was an example of the company working with its strategic business partners to evolve its client offering.