Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd. has signed a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency Limited platform at Lloyd’s, and also Ironshore Europe DAC (IEDAC).
The transaction is expected to close later in 2019, and once completed, sees Hamilton almost double its total premium base. The addition of both the Pembroke and IEDAC businesses accelerates Hamilton’s growth plans in specialty insurance, while enabling the expansion of reinsurance operations.
Based in Dublin, IEDAC provides Hamilton with greater flexibility and strategic optionality as it looks to expand its operations in both Europe and the U.S.
Hamilton Chief Executive Officer (CEO), Pina Albo said: “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.
“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.”
The agreement also sees Hamilton take over responsibility for the 2019 Year of Account for Syndicate 4000, with Liberty retaining the corporate member for prior years.