Ironshore International has acquired Sydney-based underwriter Savannah Insurance Agency.

Ironshore Australia MD Katherine Simmonds says the business will be integrated but remain a separate operating and brand entity.

Savannah will share Ironshore’s new Australian headquarters at 1 O’Connell Street in Sydney.

Julian Sparkes, who founded Savannah in 2009, will continue to run the business as an executive director of Ironshore Australia.

Mr Sparkes is a former CEO of Arthur J Gallagher Australasia.

Savannah is a Lloyd’s coverholder and underwrites lines such as personal accident, public liability, professional indemnity, management liability and property.

Ironshore Australia underwrites property and casualty lines such as mergers and acquisitions, tax liability, political risk, trade credit, marine cargo and agriculture commercial risks.

Ms Simmonds told insuranceNEWS.com.au Savannah will be “fully and completely integrated” with Ironshore, “but there is no intention to make any immediate wholesale changes” to the business.

“What was interesting for us was the breadth of Savannah’s product offering; these are specialty lines that Ironshore has not previously been involved with in Australia.

“Savannah’s [lines] are targeted at the SME sector, and that’s also new for us.”

The terms of the acquisition have not been disclosed.

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