Hamilton to buy Pembroke Lloyd’s platform
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).
According to Hamilton the transaction will almost double its total premium base after it closes. The complementary profile of Pembroke and IEDAC’s business both accelerates the company's goal of establishing a leadership position in specialty insurance and its ability to expand its reinsurance franchise. Dublin-based carrier IEDAC provides 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 organisation, our agreement with Liberty is a meaningful step towards achieving that goal,” said Hamilton CEO Pina Albo. “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.”
Under the terms of the definitive agreement, Hamilton will be responsible for the 2019 Year of Account for Syndicate 4000 and Liberty will retain the corporate member for prior years.
Hamilton stated that the transaction is expected to close later this year, subject to the fulfilment of customary closing conditions and obtaining the necessary regulatory approvals.