Ironshore Inc. announced today that it has completed the transaction with Chaucer Holdings PLC announced on July 1, 2008 to purchase Pembroke Managing Agency Limited, which manages Lloyd’s Syndicate 4000. 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 will take over the 2009 underwriting year of account onwards and Chaucer will retain the 2008 and prior underwriting years of account.
“Ironshore is very excited to enter the Lloyd’s market. The Pembroke acquisition completes our strategic goal of having underwriting operations in Bermuda, the US and Lloyd’s,” said Bob Deutsch, Chief Executive Officer of Ironshore.
Ironshore provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Through its platform in Bermuda, Ironshore writes property catastrophe and property all-risk coverage for small to midsized commercial risks. Ironshore’s US operations consist of IronPro, IronHealth, IronBuilt and IronSelect, and they serve the Professional Liability, Healthcare Liability, Construction and Excess Casualty specialty market sectors, respectively. Specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000. The Ironshore group of insurance companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of Class XI. Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit www.ironshore.com and www.pembrokeunderwriting.com.
About The Beekman Group
The Beekman Group (“TBG”) is a leading private equity firm dedicated to bringing financial and operational resources to lower middle-market companies. TBG’s team consists of experienced private equity professionals, as well as a select group of Industry Operating Partners who are leading executives in TBG’s targeted industry segments. This Industry Partner approach to investing is the cornerstone of TBG’s investment strategy — creating value through accelerating growth in partnership with lower middle-market management teams. For more information please contact [email protected].