Bermuda-based Ironshore International announced the acquisition of the reinsurance renewal rights to Novae Group’s global agriculture reinsurance portfolio.
The transfer is conditional on Lloyd’s approval and is expected to be completed in November 2015. Novae’s team of five agriculture reinsurance underwriters will merge with Ironshore’s existing global agriculture business group, led by Catherine Besselman, Ironshore global divisional director, Agribusiness.
Novae Group is a specialty property and casualty re/insurance company operating through Lloyd’s Syndicate 2007.
The portfolio transfer will bolster Ironshore International’s diversification into the rapidly growing global farm sector which requires sophisticated agricultural insurance to meet industry challenges, such as climate variability, volatile crop prices, forestry damage, livestock disease and food supply issues, Ironshore said in a statement.
“The risk profile of the global agribusiness sector is creating more complex, industrialized exposures, thus generating industry demand for innovative reinsurance solutions,” said Mark Wheeler, chief executive Officer of Ironshore International. “Ironshore’s acquisition of the Novae reinsurance agriculture team and renewal portfolio signals our long term commitment to expand [our] global reach and broaden our expertise in this specialty sector of the marketplace.”
Besselman said the Novae reinsurance team will “enhance our capabilities and position Ironshore for further growth in alignment with its strategic objective to underwrite diverse lines of business in this specialty sector of the market.”
Source: Ironshore International
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