Polygon Group Ltd, the Guernsey-based financial services group, announced this week that it had agreed to sell its fee-earning businesses and certain other companies to Heritage Management Holdings Ltd, a consortium comprising the present Polygon management led by Martin Belcher, and the international specialist insurance group, Hiscox plc. Polygon provides services to a range of clients from multinational companies to high net worth individuals, including trust and company management services, trust administration and investment management.
Heritage will purchase the fee-earning businesses of Polygon which includes companies specialising in trust administration, yacht and aircraft registration and ownership, insurance broking, captive and corporate management, leasing, securitisation and alternative risk transfer, outsourcing, run-off management and specialised risk management software provision. Furthermore, Polygon is divesting its shareholdings in two specialised Protected Cell Companies - Harlequin and Mannequin Life.
At the same time the purchaser, Heritage, announced that it was forming Ortac Underwriting Agency, which is a joint venture with Gerling Allgemeine Versicherung, based in Cologne, Germany. Ortac intends to underwrite a General Aviation account from Guernsey on behalf of a syndicate of major insurers led by Gerling in respect of business arising on or after 1st March 2001. Gerling will, however, continue to write aviation business through their existing underwriting network.
Polygon's principal shareholders are KLM, SAS, SAir Group, Austrian Airlines and Finnair. Polygon Group will retain full ownership of Polygon Insurance Company Ltd, which will continue to underwrite a captive captive insurance account to handle the various risks of the airline shareholders and their affiliates. Polygon Insurance will withdraw from the writing of third-party airline and products business but intends to support Ortac as a reinsurer of their general aviation account. Heritage will manage the prior years of the Polygon Insurance and Le Marchant aviation portfolios and Martin Belcher and Richard Tee will remain Directors of Polygon Insurance and its subsidiaries.
Commenting on the transaction, Frans Husmann, Chairman of Polygon Group, said: 'Polygon’s shareholders are pleased with this outcome. We wish the Heritage team well and look forward to maintaining our close working relationship with them in the future as the manager of Polygon’s remaining insurance interests'.
Mr Belcher, Chief Executive of the new Heritage group, added: 'This is an opportunity to take the management businesses forward to a new stage of development. We appreciate the help of the airline shareholders in making this buyout possible and look forward to working closely with them in the future.'
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