Liberty Mutual acquisitions 'a transformative step' for Hamilton as it plots growth path

Bermuda-based Hamilton Insurance Group has completed its acquisition of Pembroke Managing Agency and its platform at Lloyd’s, as well as Dublin-based carrier Ironshore Europe DAC (IEDAC), from  Liberty Mutual Group.

The transaction, which was first announced in March 2019, closed after the receipt of necessary regulatory approvals and customary closing conditions.

The company noted that the acquisition from Liberty represents a "transformative step" in its goal of building a global, diversified specialty insurance and reinsurance franchise.

Following the deal, Hamilton has doubled its total premium base, on a pro forma basis, to $1.1 billion, and achieved scale at Lloyd’s with total managed stamp capacity of approximately £600 million.

The Dublin-based platform provides it with non-Lloyd’s capabilities and access to the US (via excess and surplus lines licensing and reinsurance permissions) and to EU markets (via passporting rights).

The deal also provides Hamilton with opportunities to build out the company’s reinsurance franchise in the US and Europe, as well as further develop its third-party capital management platform, and increase fee-based income by managing third-party capital/syndicates at Lloyd’s.

“Today represents a significant milestone in Hamilton’s development,” said Hamilton CEO Pina Albo. “Many will see this as a Lloyd’s acquisition, and while we have achieved meaningful scale in that market, this deal expands our opportunities far beyond Lloyd’s.

“Our talented team has become even stronger; and we now work in offices spanning a much larger geography. With the addition of our new operations, including Dublin, the US and Dubai, our ability to attract new clients and partners, and become more relevant to the ones we serve, has increased exponentially. In addition, we now have key executives in roles that will leverage all that this acquisition represents."

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