Ironshore to underwrite for Old Mutual Group in Africa

Ironshore’s Pembroke Managing Agency has entered into a management agreement with Old Mutual Group to underwrite select specialty lines for African risks.

Pembroke manages Lloyd’s Syndicate 4000, which partners with Old Mutual Specialty Insurance to offer coverage for multiple property, casualty and specialty business lines in Africa.

As part of this agreement, insurance products will be delivered throughout the Old Mutual Insurance platform spanning more than 40 countries in sub-Saharan Africa.

According to Pembroke, Lloyd’s Syndicate 4000 can provide additional capacity of up to $250 million on a portfolio or single project basis.

With Old Mutual Specialty Insurance as cover holder, Pembroke Lloyd’s Syndicate 4000 will initially offer ten specialty business coverage lines: cargo, commercial property, construction, energy, kidnap and ransom, mining, political risk and trade credit, terrorism, transit and delay in start-up, and general aviation.

“Sub-Saharan Africa is becoming one of the fastest growing areas of the world, driven by infrastructure investment, urbanisation and an emerging youth population,” said Justin Wash, managing director at Pembroke.

“Pembroke’s strategic partnership with Old Mutual will be developed by our strategic partnership director, Chris Brown, to enable us to access high quality insurance opportunities in this vibrant region.”

Martin Hudson, chief executive officer of Old Mutual Specialty, added: “Working in partnership with Lloyd’s Pembroke syndicate will enhance in-country capabilities to offer world-class insurance expertise throughout our network of industry specialists.”