Bermuda-based Ironshore Inc. announced that its Australian subsidiary has entered into an agreement to purchase all of the shares of Assetinsure Holdings Pty Ltd, the parent company of Assetinsure Pty Ltd (collectively Assetinsure).
Ironshore described the company as a “specialist insurance company in Australia providing Surety, Aviation, Credit, Property and other coverages that will provide Ironshore with a strong platform from which to expand its presence in the market.
“The transaction remains subject to customary closing conditions and regulatory approvals, including the Australian Prudential Regulation Authority, and is expected to close in the second quarter of 2014.”
Ironshore’s CEO Kevin H. Kelley commented: “Assetinsure has established an insurance platform that allows Ironshore to broaden its product offerings within the region. We welcome the Assetinsure team and look forward to this strategic expansion opportunity for building our presence throughout the Australasian insurance market.
The bulletin also noted that “Gregor Pfitzer will continue to serve as Chief Executive Officer of Assetinsure reporting to David Rogers who has been appointed Chief Executive Officer of Ironshore Australia Holdings Pty Limited. Katherine Simmonds has been named Managing Director of Ironshore Australia Pty Limited.”
Source: Ironshore, Inc.