Guernsey-based Heritage Group plans to focus on its wealth management unit as part of its strategic growth following the sale of its insurance management arm to Artex Risk Solutions, an independent trading subsidiary of AJ Gallagher & Co.

Guernsey-based Heritage Group plans to focus on its wealth management unit as part of its strategic growth following the sale of its insurance management arm to Artex Risk Solutions, an independent trading subsidiary of AJ Gallagher & Co.

The group said in a statement that the sale of Heritage Insurance Management would allow the firm to concentrate on its remaining specialist businesses that had the “greatest potential to grow”.

“The release of our captive insurance business enables us to focus on developing our five specialist business units: fund management, administration and depository, corporate administration and wealth management, insurance broking, insurance underwriting and our new managed facilities, office accommodation and professional support offering,” said chief executive Richard Tee.

“We will look to grow both organically and, where appropriate, by acquisition in our key specialist businesses – something that could have been limited under the previous structure,” Tee added.

The new group will become wholly management-owned following the sale of shares by exiting shareholders including Polygon Group.

Long-standing Heritage directors, Laurence McNairn and Kevin Roberts join the existing Heritage Group board members Richard Tee, Mark Huntley and Karl Bradley.

The Heritage Group is an independent management-owned provider of specialist insurance and financial services to corporate and private clients and has offices in Guernsey, Belfast, London and Malta.