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.

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