Ironshore International has acquired Australia-based Savannah Insurance Agency to expand its regional presence in providing select specialty business products.
Based in Sydney, the Savannah Agency is a Lloyd’s coverholder that underwrites different products such as personal accident, public liability, professional indemnity, management liability and property.
The underwriters of Savannah Agency will now join offices of Ironshore Australia.
Ironshore Australia managing director Katherine Simmonds will manage the integration of the entities.
Simmonds said: "Ironshore’s acquisition of the Savannah Agency further expands our experienced underwriting team and enhances our breadth of product offerings in specialty lines within the regional market."
Ironshore International CEO Mark Wheeler said: "Ironshore continues to build upon its strategic foundation of uncovering growth opportunities in selected specialty sectors within key markets, such as Australia."
Ironshore Australia underwrites various property and casualty lines, comprising of mergers and acquisitions and tax liability, political risk, trade credit, marine cargo, and agriculture commercial risks.
Last October, Ironshore International acquired reinsurance renewal rights to Novae Group’s global agriculture reinsurance portfolio.
The portfolio transfer bolstered Ironshore’s diversification into the growing global farm sector requiring advanced agricultural insurance to meet industry challenges such as climate variability, volatile crop prices, forestry damage, livestock disease and food supply issues.
Image: Ironshore has acquired Sydney-based Savannah Insurance Agency. Photo: courtesy of adamr / FreeDigitalPhotos.net.