Bermuda-based insurer Ironshore yesterday announced it had acquired the assets of Canada-based Marine Re Inc.

Ironshore said the marine reinsurer's current management and staff will be retained under the leadership of chief executive officer Simon Barder and president Shevawn Barder.

Marine Re is a designated Lloyd's coverholder and delegated Lloyd's managing general underwriter. The Toronto-based company was established in 2000. According to its website, it has underwriting authority with a capacity of up to $7 million any one programme.

Marine Re will consider all marine reinsurance classes but specializes in hull and cargo for commercial and pleasure craft. The new division will operate through its existing binding authority and Ironshore's Pembroke Syndicate 4000 with effect from January 1, 2009, which will provide access to international licences enabling coverage to be provided around the world.

Marine Re is currently in its ninth year of operation and is an established marine reinsurance market in North America. During 2008 it underwrote gross premium income of $35 million. The company is able to assist and advise ceding companies with first hand knowledge and a detailed understanding of their day-to-day underwriting operations.

"Ironshore is investing to build a marine franchise through its Lloyd's syndicate, and Marine Re represents the first stage of a broader strategy which we are committed to executing during 2009," Mark Wheeler, underwriting director of Pembroke Managing Agency, said.

Simon Barder said: "Marine Re is delighted to become part of the Ironshore group representing the quality combination of the Pembroke Managing Agency and the Ironshore insurance companies in the United States. By securing aligned capital we will provide our clients with greater flexibility, enhanced security and comfort."

Pembroke Managing Agency manages Syndicate 4000, which underwrites a portfolio of specialist lines products, namely, financial institutions, management liability, professional liability, fine arts and kidnap and ransom. The Syndicate has a capacity of £73 million for 2008.