Bermuda-based Ironshore Inc. announced today that it has completed its $33.9 million purchase of Pembroke Managing Agency Limited, which manages Lloyd's Syndicate 4000.

Ironshore announced July 1 it was making an entry in the Lloyd's market and acquiring the firm from Chaucer Holdings PLC. Mark Wheeler serves as active underwriter for the Syndicate. Pembroke Managing Agency is led by Mark Butterworth, managing director, and Mark Wheeler, underwriting director.

Ironshore said it will take over the 2009 underwriting year of account onward and Chaucer will retain the 2008 and prior underwriting years of account.

Bob Deutsch, chief executive officer of Ironshore, said in a statement that the Pembroke acquisition “completes our strategic goal of having underwriting operations in Bermuda, the U.S. and Lloyd's.”

Ironshore provides broker-sourced specialty commercial property and casualty coverages for global risks. From Bermuda, Ironshore writes property catastrophe and property all-risk coverage for small-to-midsize commercial risks. Ironshore's U.S. operations consist of IronPro, IronHealth, IronBuilt and IronSelect, and they serve the professional liability, health care liability, construction and excess casualty specialty market sectors, respectively.

Specialty coverages are underwritten at Lloyd's Pembroke Syndicate 4000.

Special Reports /

Ironshore Pembroke Acquisition Completed

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