Liberty Mutual has said that its decision to sell Pembroke Managing Agency Limited and Ironshore Europe DAC (IEDAC) to Hamilton Insurance Group, Ltd. will remove business overlap resulting from its 2017 acquisition of Ironshore.
The transaction, which was announced on March 14, will see Hamilton take over the Pembroke platform at Lloyd’s, IEDAC, as well as Liberty Mutual’s Dubai-based Visionary operation.
Liberty explained that the decision to sell the units was reached following the conclusion of a strategic review.
“For Liberty, the transaction supports our International specialty business by eliminating the multiple Lloyd’s Syndicates and business overlap that resulted from Liberty Mutual’s acquisition of Ironshore,” said Matthew Moore, President, Liberty Specialty Markets.
“Clarifying our operations – including selling Pembroke and focusing on our Lloyd’s Syndicate 4472 – makes it easier for brokers and customers to partner with us to meet their risk management needs.”
Liberty Specialty Markets will continue to serve the Lloyd’s market through its Syndicate 4472 as well as through its other company platforms.
Syndicate 4472 is the third largest syndicate at Lloyd’s. Its coverages include aviation, casualty, construction, contingency, cyber, marine, energy, equine, financial lines, fine art & specie, legal indemnities, personal accident, political violence, professional indemnity, property, specialty binders, surety, and war & terrorism.
Evercore acted as financial advisor to Liberty Mutual in the transaction, while Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor.