Bermuda-based insurer Ironshore International has announced its Lloyd’s Pembroke Managing Agency (Pembroke) has partnered with Old Mutual Group.
As part of the management agreement, Pembroke will underwrite select specialty lines for African risks with the insurance products delivered throughout the Old Mutual Insurance platform spanning more than 40 countries in sub-Saharan Africa.
Pembroke manages Lloyd’s Syndicate 4000, which partners with Old Mutual Specialty Insurance to offer coverage for multiple property, casualty and specialty business lines in Africa.
According to Pembroke, Lloyd’s Syndicate 4000 can provide additional capacity of up to $250 million on a portfolio or single project basis.
With Old Mutual Specialty Insurance as cover holder, Pembroke Lloyd’s Syndicate 4000 will initially offer ten specialty business coverage lines: cargo, commercial property, construction, energy, kidnap and ransom, mining, political risk and trade credit, terrorism, transit and delay in start-up, and general aviation.
“Sub-Saharan Africa is becoming one of the fastest growing areas of the world, driven by infrastructure investment, urbanisation and an emerging youth population,” said Justin Wash, managing director at Pembroke.
Ironshore, Pembroke Managing Agency, Old Mutual Group, Lloyd's Risk management, Insurance, Property and Casualty, Bermuda, London, UK, Africa