Hamilton acquires Lloyd's Pembroke Managing Agency, Ironshore Europe from Liberty Mutual
Bermuda-based Hamilton Insurance Group has signed a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency platform at Lloyd’s and Ironshore Europe DAC (IEDAC).
The move comes after Liberty Mutual had placed its London-based Pembroke Managing Agency, which came into its portfolio when it acquired lronshore in May 2017, under a "strategic review" in Oct. 2018.
Under the agreement, Hamilton will be responsible for the 2019 year of account for Syndicate 4000 and Liberty will retain the corporate member for prior years. The transaction is expected to close later this year, subject to necessary regulatory approvals.
Hamilton expects the transaction to almost double its premium base upon closing. It said both Pembroke and IEDAC are "complementary" business that will help accelerate the company's aim of establishing a leadership position in specialty insurance and its ability to expand its reinsurance franchise.
Dublin-based carrier IEDAC will provide flexibility and strategic optionality for Hamilton, particularly with respect to its growth initiatives in Europe and the US.
"Given our objective of building a global, diversified specialty insurance and reinsurance organization, our agreement with Liberty is a meaningful step towards achieving that goal,” said Hamilton CEO Pina Albo.
Albo added: “In addition to the opportunities this transaction presents at Lloyd’s, in Europe and in the US, we will bring together talented teams who are aligned on culture, underwriting discipline and a commitment to providing superior customer service. The result will be a company well-positioned to respond to our clients’ and the market’s needs.”
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