Property and casualty insurance major Liberty Mutual has reached agreement to sell London-based Pembroke Managing Agency and Ironshore Europe DAC in Dublin to Hamilton Insurance Group.
Both of the businesses were acquired by Liberty Mutual when it took control of Ironshore in May 2017.
Additionally, the company will also offload its Dubai-based Visionary operation to Hamilton Insurance Group.
The development follows the completion of a strategic review of insurance operations.
Liberty Specialty Markets president Matthew Moore said: “For Liberty, the transaction supports our International specialty business by eliminating the multiple Lloyd’s Syndicates and business overlap that resulted from Liberty Mutual’s acquisition of Ironshore.
“Clarifying our operations – including selling Pembroke and focusing on our Lloyd’s Syndicate 4472 – makes it easier for brokers and customers to partner with us to meet their risk management needs.”
Liberty Mutual said that the move will enable Liberty Specialty Markets to focus on Syndicate 4472 and its other company platforms, which will continue to serve the market.
Liberty’s Syndicate 4472, which is the claimed to be third largest syndicate at Lloyd’s, provides a number coverages including contingency, cyber, marine, energy, aviation, casualty, construction, equine, financial lines, fine art & specie, legal indemnities, personal accident, among others.
The transactions are subject to regulatory approvals.