Ironshore’s Pembroke Managing Agency Ltd. has entered into a management agreement with Old Mutual Group to underwrite select specialty lines for African risks.
Pembroke’s Lloyd’s Syndicate 4000 partners with Old Mutual Specialty Insurance, to offer coverage for multiple property, casualty and specialty business lines in Africa.
Insurance products will be delivered throughout the Old Mutual insurance platform, spanning more than 40 countries in sub-Saharan Africa. Pembroke Lloyd’s Syndicate 4000 can provide additional capacity of up to US$250 million on a portfolio or single project basis.
“Sub-Saharan Africa is becoming one of the fastest growing areas of the world, driven by infrastructure investment, urbanization and an emerging youth population,” said Justin Wash, managing director, Pembroke Managing Agency.
Wash noted that “Pembroke’s strategic partnership with Old Mutual will be developed by our Strategic Partnership director, Chris Brown, to enable us to access high quality insurance opportunities in this vibrant region.”
Pembroke Lloyd’s Syndicate 4000 and Old Mutual Specialty Insurance, as a Lloyd’s coverholder, will initially offer 10 specialty business coverage lines: cargo, commercial property, construction, energy, kidnap and ransom, mining, political risk and trade credit, terrorism, transit and delay in start up, and general aviation.
“Working in partnership with Lloyd’s Pembroke syndicate will enhance in-country capabilities to offer world-class insurance expertise throughout our network of industry specialists,” commented Martin Hudson, chief executive officer of Old Mutual Specialty.
About Old Mutual Group
Old Mutual Group operates in 40 countries throughout sub-Saharan Africa. Old Mutual Specialty Insurance Ltd. is a Lloyd’s coverholder, licensed by the Financial Services Commission in Mauritius, focusing on complex and large scale risks.
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