Bermuda-based insurer Ironshore Inc. is entering the Lloyd's market with the proposed purchase of Pembroke Managing Agency and Syndicate 4000 for ?17 million in cash–or about $33.9 million at the latest exchange rate.
Ironshore is a major commercial property-catastrophe writer. Syndicate 4000 underwrites a portfolio of specialty lines products including financial institutions, professional liability, marine and other select niches, Ironshore noted.
Ironshore announced it will take over the 2009 underwriting year of account onward, while Chaucer Holdings PLC–the major Pembroke stockholder–will retain the 2008 and prior underwriting years of account.
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