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Liberty Mutual Concludes Strategic Review of Pembroke and Ironshore Europe, Reaches Agreement to Sell Operation to Hamilton Insurance Group
Friday 15 March 2019

15 March 2019 - US-based insurer Liberty Mutual has concluded its strategic review of its London-based Pembroke Managing Agency Ltd. and Dublin-based Ironshore Europe DAC businesses, acquired through the Ironshore purchase in May of 2017, the company said.

As a result of the review, Liberty Mutual has reached an agreement to sell its Pembroke Managing Agency, Ironshore Europe operations (IEDAC) and Visionary (Dubai) to Hamilton Insurance Group, subject to regulatory approval.

Liberty Specialty Markets will continue to serve the Lloyd's market through its Syndicate 4472 as well as continuing to serve the market through its other company platforms.

Liberty's Syndicate 4472 is the third largest syndicate at Lloyd's, offering a broad range of coverages including Aviation, Casualty, Construction, Contingency, Cyber, Marine, Energy, Equine, Financial Lines, Fine Art and Specie, Legal Indemnities, Personal Accident, Political Violence, Professional Indemnity, Property, Specialty Binders, Surety, and War and Terrorism.

In business since 1912, and headquartered in Boston, Mass., Liberty Mutual is the fifth largest global property and casualty insurer based on 2017 gross written premium. 

As of December 31, 2018, the company had USD 41.6bn in annual consolidated revenue.

Evercore acted as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisor to Liberty Mutual Insurance in the transaction.
Details
Date Published: 15/03/2019
Target: Pembroke Managing Agency, Ironshore Europe operations and Visionary (Dubai)
Country: UK
Sector: Insurance
Type: Divestment
Financing:
Status: Agreed
Vendor: Liberty Mutual
Buyer: Hamilton Insurance Group
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