The acquisition of Assetinsure by US-based insurer Ironshore has been called off by mutual agreement of the parties.

Sydney-based Assetinsure says the acquisition, originally announced to the market on February 5, will no longer proceed.

Describing the transaction as complex, Assetinsure says that “despite protracted discussions and negotiations held in good faith, there were certain final commercial matters that ultimately could not be resolved”.

Ironshore said in a brief statement that the deal “will not proceed by mutual agreement of the parties”.

Regulatory approval for the acquisition was received last Monday, and Assetinsure says the transaction was supported by the third parties with whom it works closely. 

“However, in the absence of agreement on these remaining commercial matters it was considered in the best interests of both parties not to continue further with the process.”

Assetinsure’s specialties include surety, aviation, credit enhancement and a range of specialist property, general liability and motor insurance.

The company’s founder and Chairman, Peter Wedgwood, said in February the acquisition by Ironshore “will allow the company to reach new horizons and develop even more specialty products”.

More details in our regular bulletin this afternoon.