Artex Risk Solutions has acquired Vermont-based Champlain Captive Management.

The newly combined operation will be headed by division vice president Kevin Heffernan with Champlain’s founder Fred Hackett remaining as non- executive Chairman.

It is understood that Champlain’s president John Borch has decided not to stay with the company.

“Champlain Captive Management is of the best known and respected captive management firms in the state and we are very pleased they have agreed to join our growing Vermont office”, said Peter Mullen, executive vice president of Artex Risk Solutions.

Also joining Artex from Champlain are Karen Venner, Lucie Holcomb and Kate Smith.

Champlain was established in 1983 and currently manages 12 captives: 10 in Vermont, one in Hawaii and one in DC.