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Arthur J. Gallagher subsidiary to acquire ILS firm Hexagon Insurance PCC

Arthur J.Gallagher & Co. insurance management unit Artex Risk Solutionshas agreed to acquire insurance-linked securities firm Hexagon Insurance PCCLtd. and its subsidiaries, Artex announced March 29.

The deal is expected to close March 31.

Hexagon is domiciled in Guernsey, a British Crown dependencyin the English Channel. The company's subsidiaries include Axe Insurance PCCLtd., Septagon Insurance PCC Ltd. and Hexagon ICC Ltd.