Global insurer Ironshore has agreed to purchase a 100% share of Sydney-based specialty insurer Assetinsure.
Announced this morning, the deal will require regulatory approval but is set to be completed in the second quarter of 2014.
Staff and reporting lines under Assetinsure CEO Gregor Pfizer are expected to remain unchanged, and the firm will continue to trade under the Assetinsure name.
“We are excited about the acquisition as, with the support of a strongly rated parent, we can take the business to the next level” Pfizer says.
“The transaction is also an endorsement of Assetinsure’s business model with its focus on specialist products and mature approach to underwriting.”
Ironshore Australia CEO David Rogers says the acquisition gives them access to a scalable and locally licensed corporate platform.
“As Ironshore’s and Assetinsure’s product range in Australia complement each other, the businesses will continue to operate as usual, including its different portfolios and the IT services business,” he says.
“We look forward to continuing to build on the strong relationships Assetinsure has with its business partners.”