Hamilton Insurance Group has wrapped up the previously announced takeover of Liberty Mutual’s London-based Pembroke Managing Agency and Ironshore Europe DAC in Dublin.
The deal, originally announced in March, has been completed after the concerned parties obtained required regulatory permissions and satisfied customary closing conditions.
Hamilton noted that the acquisition of Liberty insurance operations will enable the company to build a diversified specialty insurance and reinsurance operations on global scale.
The transaction has doubled Hamilton’s total premium base to $1.1bn and also expanded operations on Lloyd’s market.
With the completion of the transaction, Hamilton will now be able to develop its reinsurance franchise in the US and Europe and become a leading specialty insurance in the region.
Additionally, the deal will allow the acquirer to further grow its third-party capital management platform and oversee third-party capital/syndicates at Lloyd’s, aimed at boosting fee-based income.
Hamilton Group CEO Pina Albo said: “Many will see this as a Lloyd’s acquisition, and while we have achieved meaningful scale in that market, this deal expands our opportunities far beyond Lloyd’s.
“Our talented team has become even stronger; and we now work in offices spanning a much larger geography. With the addition of our new operations, including Dublin, the US and Dubai, our ability to attract new clients and partners, and become more relevant to the ones we serve, has increased exponentially.
Concurrently, Hamilton has promoted its CFO Jonathan Reiss as the president of strategic partnerships, a new business unit at Hamilton.
In his new role, Reiss will develop the strategy and business plan for its third-party capital platform, Hamilton Capital Partners.