Ironshore acquires Novae’s global agriculture portfolio
Ironshore International has acquired the reinsurance renewal rights to Novae Group’s global agriculture reinsurance portfolio. The transfer is conditional on Lloyd’s approval and is expected to be completed in November 2015.
Novae’s team of five agriculture reinsurance underwriters will merge with Ironshore’s existing global agribusiness group, led by Catherine Besselman, Ironshore global divisional director.
Novae Group is a specialty property/casualty reinsurer operating through Lloyd’s Syndicate 2007.
Ironshore said the portfolio transfer will bolster Ironshore International’s diversification into the global farm sector, which requires sophisticated insurance solutions to meet challenges such as climate variability, volatile crop prices, forestry damage, livestock disease and food supply issues.
“The risk profile of the global agribusiness sector is creating more complex, industrialised exposures, thus generating industry demand for innovative reinsurance solutions,” said Mark Wheeler, chief executive of Ironshore International.
“Ironshore’s acquisition of the Novae reinsurance agriculture team and renewal portfolio signals our long-term commitment to expand the global reach and broaden our expertise in this specialty sector of the marketplace.”
Rob Forster, chief underwriting officer of Novae Group, said: “The transfer of our agricultural reinsurance team demonstrates our proactive approach to managing our underwriting portfolio and fulfilling our strategy to be an innovative specialty insurer.”
