Ironshore acquires Marine Re
Ironshore Inc, the property and casualty insurer, has acquired Bermuda-based reinsurer, Marine Re.
Marine Re has been established for nine years and specialises in reinsuring hull and cargo for commercial and pleasure craft, in North American markets.
During 2008 the firm underwrote gross premium income of $35 million.
Ironshore provides broker-sourced specialty commercial property and casualty coverage for risks worldwide and the acquisition is the first to be made by the firm since it declared its intention of building a marine franchise through its Lloyd’s syndicate.
As such the purchase of Marine Re represents the first stage of a broader strategy which the group says it is committed to executing during 2009.
From 1st January 2009, Marine Re will operate through Ironshore’s existing binding authority and Pembroke Syndicate 4000, which will provide access to international licences and markets worldwide.
On completion of the transaction, Marine Re’s current management and staff will remain in post under the leadership of chief executive officer, Simon Barder, and president, Shevawn Barder.
Category: Companies News, Insurance News
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