Chaucer sell Pembroke to Ironshore
Chaucer Holdings, the specialist Lloyd’s insurer, has sold its shareholding in Pembroke JV to Ironshore for a cash consideration of £14.9m, subject to a £ for £ adjustment to the extent that net assets at completion differ from £0.5m.
For the year ended 31 December 2007, Pembroke JV reported unaudited consolidated pre-tax profits of £0.8m and consolidated net assets of £1.1m. Pembroke JV owns Pembroke Managing Agency, which is the managing agent of Lloyd’s Syndicate 4000.
Two wholly owned subsidiaries of Chaucer provide capital for the Syndicate, which has an underwriting capacity of £73m for 2008. Chaucer’s right to participate on the Syndicate for the 2009 and subsequent years of account will pass to an Ironshore corporate
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