HAMILTON, Bermuda, March 14, 2019 /PRNewswire/ -- Hamilton Insurance Group, Ltd. ("Hamilton"; "the Company"), the Bermuda-based holding company for insurance and reinsurance operations in Bermuda and at Lloyd's, today announced that it has signed a definitive agreement with Liberty Mutual Group ("Liberty") to acquire the Pembroke Managing Agency Limited ("Pembroke") platform at Lloyd's and Ironshore Europe DAC ("IEDAC").
Upon closing, the transaction will almost double Hamilton's total premium base. 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 organization, 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.
The transaction is expected to close later this year, subject to the fulfilment of customary closing conditions and obtaining the necessary regulatory approvals.
TigerRisk Capital Markets & Advisory served as financial advisor and Debevoise & Plimpton LLP served as legal advisor to Hamilton.
About Hamilton Insurance Group, Ltd.
Hamilton Insurance Group, Ltd. is the Bermuda-based holding company for property and casualty insurance and reinsurance operations in Bermuda and at Lloyd's. The Company leverages analytics and research to create underwriting and investment value for its clients and shareholders.
For more information, please visit www.hamiltongroup.com | Twitter: @HamiltonInsures | LinkedIn: https://www.linkedin.com/company/hamilton-insurance-group.
About Pembroke Managing Agency Limited and IEDAC
Pembroke Managing Agency Limited was formed in 2004 and underwrites a portfolio of specialty insurance products including Financial Institutions, Global Property and Professional Liability through Syndicate 4000 at Lloyd's. Hamilton is also purchasing a Lloyd's corporate member from Liberty, specially formed to support the 2019 year of account of Syndicate 4000. Pembroke also has tenancy rights for Lloyd's Syndicate 2014 (Acappella) and provides turnkey solutions for Acappella and Lloyd's syndicates 1947 (GIC Re) and 6125 (Patria Re).
IEDAC was formed in 2010 in Dublin, Ireland by Ironshore and is authorized to write business throughout the EEA and carries licenses to write business as a (re)insurer in a number of other countries worldwide. The company is also listed on the U.S. NAIC International Insurer Directory, allowing it to provide capacity in the United States.
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SOURCE Hamilton Insurance Group, Ltd.