Bermuda — Ironshore Inc. has signed a sale and purchase agreement with Chaucer Holdings PLC, and the management of Pembroke, for the £17 million cash purchase of Pembroke Managing Agency Ltd., which manages Lloyd's Syndicate 4000. The transaction is subject to approval from Lloyd's and the UK's Financial Services Authority. Mark Wheeler serves as active underwriter for the Syndicate.
The Syndicate underwrites a portfolio of specialist lines products including financial institutions, professional liability, marine and other select specialist lines. Ironshore will take over the 2009 underwriting year of account onwards, and Chaucer will retain the 2008 and prior underwriting years of account.
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