Hamilton To Acquire Pembroke Managing, IEDAC

March 14, 2019

Pina Albo Bermuda Nov 15 2018Hamilton Insurance Group, Ltd., 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].

The company said, “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.

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