Ironshore Australia buys Sydney-based insurerReprints
Ironshore Australia Pty Ltd., a unit of Ironshore Inc., has entered into an agreement to acquire all of the shares of Assetinsure Holdings Pty Ltd., the parent company of Assetinsure Pty Ltd., to grow its presence in the Australasian market, Ironshore said Tuesday.
Terms of the deal were not disclosed.
Sydney-based Assetinsure is a specialist insurer that provides surety, aviation, credit, property and other coverages, Hamilton, Bermuda-based Ironshore said in a statement.
The transaction is expected to close in the second quarter of 2014 and is subject to customary closing conditions and regulatory approvals, including the Australian Prudential Regulation Authority, according to the statement.
“Assetinsure has established an insurance platform that allows Ironshore to broaden its product offerings within the region,” Kevin H. Kelley, CEO of Ironshore, said in the statement. “We welcome the Assetinsure team and look forward to this strategic expansion opportunity for building our presence throughout the Australasian insurance market.”
Gregor Pfitzer will continue to serve as CEO of Assetinsure, reporting to David Rogers, who has been appointed CEO of Ironshore Australia, the insurer said.