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Hamilton “greatly enhanced” by Pembroke, Ironshore acquisitions: KBRA

21st August 2019 - Author: Charlie Wood

Kroll Bond Rating Agency (KBRA) has underscored the inherent benefits of Hamilton Group’s acquisition of Pembroke Managing Agency and its platform at Lloyd’s, as well as Dublin-based carrier Ironshore Europe DAC (IEDAC), from Liberty Mutual Group.

growthKBRA believes the deal, which is expected to provide Hamilton with an opportunity to expand its reinsurance operations whilst increasing its total premium base to $1.1 billion, has greatly enhanced the firm’s access to the EU and US markets.

The acquisition can also be seen as an excellent opportunity for Hamilton to leverage significant global underwriting and operational expertise.

Furthermore, Dublin-based IEDAC will provide Hamilton with non-Lloyd’s capabilities and access to the US via excess and surplus lines licensing and reinsurance permissions as well as to EU markets via passporting rights.

The ratings agency has affirmed the insurance financial strength rating of A for Hamilton Re and the issuer rating of BBB+ for Hamilton Group.

Having confirmed the acquisition’s completion, Hamilton also revealed the addition of TigerRisk Partners President Tony Ursano as group Chief Financial Officer and Jonathan Reiss as President of Strategic Partners.

KBRA notes the familiarity between Ursano and Hamilton, explaining how he had counseled the company on a number of initiatives during his time at TigerRisk.

The ratings agency believes these leadership appointments will further the company’s strategic vision to grow, both organically and inorganically, as a global specialty insurer and reinsurer.

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