Ironshore Inc. acquires Assetinsure

IRONSHORE INC.          

IRONSHORE INC. ANNOUNCES AGREEMENT TO ACQUIRE

ASSETINSURE TO AUGMENT ITS AUSTRALASIAN PLATFORM

Hamilton, Bermuda, February 4, 2014 – Ironshore Inc. announced that its Australian subsidiary has entered into an agreement to purchase all of the shares of Assetinsure Holdings Pty Ltd, the parent company of Assetinsure Pty Ltd (collectively, “Assetinsure”).  Assetinsure is a leading specialist insurance company in Australia providing Surety, Aviation, Credit, Property and other coverages that will provide Ironshore with a strong platform from which to expand its presence in the market. The transaction remains subject to customary closing conditions and regulatory approvals, including the Australian Prudential Regulation Authority, and is expected to close in the second quarter of 2014.

“Assetinsure has established an insurance platform that allows Ironshore to broaden its product offerings within the region. We welcome the Assetinsure team and look forward to this strategic expansion opportunity for building our presence throughout the Australasian insurance market,” stated Kevin H. Kelley, Chief Executive Officer of Ironshore. 

Gregor Pfitzer will continue to serve as Chief Executive Officer of Assetinsure reporting to David Rogers who has been appointed Chief Executive Officer of Ironshore Australia Holdings Pty Limited. Katherine Simmonds has been named Managing Director of Ironshore Australia Pty Limited.

About Ironshore

              Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms.  The Ironshore group of companies is rated A (Excellent) by A.M. Best with a Financial Size Category of Class XIV.  Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch.  For more information, please visit:  www.ironshore.com.

About Lloyd’s

              Lloyd’s is the world’s specialist insurance market and occupies fifth place in terms of reinsurance premium income, and is the second largest surplus lines insurer in the U.S.  In 2013, 88 syndicates were underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide.  Lloyd’s is regulated by the Financial Services Authority. For more information, visit: www.lloyds.com.

About Assetinsure

              Assetinsure Pty. Ltd., based in Sydney, is a specialist insurance company that offers coverage for select product lines, focusing on companies, financial institutions and professional firms to protect assets, certain credit risks and professional liabilities. For more information, visit: www.assetinsure.com.au or contact Viv Hardy at CallidusPR on (02)92834113 / 0411208951.