US-based Ironshore’s takeover of Assetinsure has been called off by mutual agreement and without acrimony, Assetinsure founder and Chairman Peter Wedgwood says.

Sydney-based Assetinsure revealed on Friday that the acquisition – announced to the market on February 5 – will no longer proceed.

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

Mr Wedgwood told insuranceNEWS.com.au the deal stumbled on a number of commercial issues and it was a joint decision to call a halt and move on.

The commercial issues are not specifically about price, he says. 

Ironshore CEO David Rogers told insuranceNEWS.com.au the group continues to see extensive opportunity “to execute our expansion plans in the Australian market and the broader region”.

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

In February it said the acquisition by Ironshore “will allow the company to reach new horizons and develop even more specialty products”.