Hamilton Insurance Group said it has completed its acquisition of Liberty Mutual’s Pembroke Managing Agency at Lloyd’s and its Ironshore Europe DAC business.

The acquisition, first announced in mid-March, will double the premium volume and size of Hamilton, a Bermuda-based specialty insurer and reinsurer. Neither side is disclosing financial terms.

Hamilton CEO Pina Albo

“Today represents a significant milestone in Hamilton’s development,” CEO Pina Albo said in prepared remarks. “Many will see this as a Lloyd’s acquisition, and while we have achieved meaningful scale in that market, this deal expands our opportunities far beyond Lloyd’s.

Albo added that Hamilton now works in offices “spanning a much larger geography” that includes Dublin, the US and Dubai. What’s more, Albo said, Hamilton’s ability to attract new business and partnerships “has increased exponentially. ”

Albo previously said that the acquisition will be transformative for the insurer, expanding its reinsurance operations and accelerating its goal of becoming a global specialty insurance leader.

With the Pembroke deal now complete, Hamilton has now doubled its premium base to $1.1 billion and achieved scale at Lloyd’s, with total managed stamp capacity of approximately GBP600 million. The deal also brings Hamilton added global underwriting and operational talent, and it gets a Dublin-based platform that provides non-Lloyd’s capabilities and access to the U.S., via excess and surplus lines licensing and reinsurance permissions, and to EU markets through passporting rights.

Hamilton has also made some executive appointments as it absorbs its new acquisitions.

Jonathan Reiss, who was Hamilton’s Group CFO, will be president, Strategic Partnerships, a new business unit at Hamilton. TigerRisk Partners President Tony Ursano will succeed Reiss as CFO.

A founding member of Hamilton, Reiss will lead development of the strategy and business plan for Hamilton’s strategic partnerships, including oversight of the Company’s third-party capital platform, Hamilton Capital Partners. Reiss will also develop proposals for any potential new investment opportunities and manage the further development of the Hamilton’s hird-party business.

Ursano was president at TigerRisk going back to 2015. Before that, he was CEO of Willis Capital Markets & Advisory and Head of Corporate Development for the Willis Group for six years. He joined Willis from Banc of America Securities where he was Global Head of the Financial Institutions Group for approximately nine years before becoming a Vice Chairman of Corporate and Investment Banking.

Ursano brings 32 years of insurance industry and investment banking experience to his new role. He will join Hamilton on September 5. Until that date, Reiss will continue as Group CFO in addition to his new role.

Albo said that Ursano has been familiar with Hamilton, having counseled the insurer on a number of initiatives based on his role at TigerRisk Partners. In his new position, he’ll help drive Hamilton’s business development and strategic initiatives.

TigerRisk Capital Markets & Advisory served as financial advisor and Debevoise & Plimpton LLP served as legal advisor to Hamilton.

Source: Hamilton Insurance Group