Hamilton Insurance Group to Acquire Pembroke and IEDAC

Transaction Overview

On 03/14/19, Hamilton Insurance Group, Ltd. (“Hamilton”) announced the agreement to acquire:

  • Pembroke Managing Agency Limited (“Pembroke”), and;
  • Ironshore Europe Designated Activity Company (“IEDAC”)

Acquired from Liberty Mutual Group (“Liberty”)

  • Terms of the transaction were not disclosed

Formed in 2004, Pembroke is a specialty insurer writing through Syndicate 4000 at Lloyd’s

  • Key product lines include Financial Institutions, Global Property and Professional Liability
  • Also acts as a 3rd party managing agent for S.2014 (Acappella), S.1947 (GIC Re), and SPA 6125 (Patria Re)

IEDAC is an Irish insurer licensed to write business throughout the EEA

  • Authorized to write (re)insurance business in a number of countries worldwide, including the U.S.

Hamilton is a Bermuda-based, data-driven global (re)insurance platform

  • Operating entities include Hamilton Re, Ltd. and a Lloyd’s Managing Agency for Syndicate 3334
  • Leverages advanced technology and analytics to drive returns on both sides of the balance sheet
  • Strategic relationship with Two Sigma, a data driven investment manager with ~$50bn AUM
    • Manages the majority of Hamilton’s capital in its proprietary funds

The transaction will almost double Hamilton’s premium base

  • Accelerates Hamilton’s goal of establishing a leadership position in specialty insurance
  • Enhances Hamilton’s ability to expand its reinsurance franchise
  • Expands Hamilton’s geographical presence and improves its strategic optionality

TigerRisk Capital Markets & Advisory Role

TCMA acted as exclusive financial advisor to Hamilton

  • Assistance in valuation analysis
  • Conducted business and financial due diligence
  • Advised on the structuring and negotiation of transaction terms
  • Provided objective advice and acting as a sounding board to the buyer throughout the process

TCMA provided a Fairness Opinion to the Board of Directors of Hamilton