Bermuda-based Ironshore Inc. announced that its Australian subsidiary’s transaction to acquire all of the shares of Australia’s Assetinsure Holdings Pty Limited, the parent company of Assetinsure Pty Limited, will not proceed by mutual agreement of the parties.
No details were released.
The transaction was announced earlier this year, but remained subject to customary closing conditions.
“Both parties agreed that it was not in their best interests to continue with the transaction after extensive discussions. We wish Assetinsure well in its future endeavors,” said Mark Wheeler, chief executive officer of Ironshore International Limited, in the announement.
Assetinsurer is a specialist insurance company in Australia providing surety, aviation, credit and property insurance.
In February, Ironshore CEO Kevin H. said that Assetinsure had established an insurance platform that would allow Ironshore to expand within the region.