Ironshore Completes Marine Re Asset Purchase

Bermuda-based Ironshore Inc. announced that it has acquired the assets of Marine Re Inc. The bulletin noted that the “current management and staff will be retained” under the leadership of CEO Simon Barder and President Shevawn Barder.

“Marine Re is currently in its ninth year of operation and is an established marine reinsurance market in North America. During 2008 it underwrote gross premium income of $35 million,” said the bulletin. “The company is able to assist and advise ceding companies with first hand knowledge and a detailed understanding of their day-to-day underwriting operations. Marine Re will consider all marine reinsurance classes but specializes in hull and cargo for commercial and pleasure craft.”

Ironshore added that the “new division will operate through its existing binding authority and Ironshore’s Pembroke Syndicate 4000 with effect from 1st January, 2009, which will provide access to international licenses enabling coverage to be provided around the world.”

Mark Wheeler, Underwriting Director of Pembroke Managing Agency, commented: “Ironshore is investing to build a marine franchise through its Lloyd’s syndicate, and Marine Re represents the first stage of a broader strategy which we are committed to executing during 2009. Simon and Shevawn bring outstanding underwriting ability and exceptional industry experience to our group.”

Simon Barder added his satisfaction that Marine Re is to become part of the Ironshore group. He also noted that the combination with Pembroke and Ironshore assures addition capital and “will provide our clients with greater flexibility, enhanced security and comfort.”

For information on Pembroke Managing Agency and Syndicate 4000, go to: www.pembrokeunderwriting.com.

Source: Ironshore –www.ironshore.com