Hamilton Insurance Group Ltd has moved into the billion-dollar league having completed the acquisition of two businesses from Liberty Mutual Group Inc.

Hamilton has acquired the Pembroke Management Agency Ltd platform at Lloyd’s and Ironshore Europe DAC. As a result it has doubled its total premium base, on a pro forma basis, to $1.1 billion.

Announcing the completion of the acquisition late this afternoon, the company also said that its chief financial officer Jonathan Reiss has assumed to position of president of Strategic Partnerships, a new business unit at Hamilton.

Mr Reiss will also continue in the role of CFO until that position is assumed by Tony Ursano next month.

Hamilton is the holding company for property and casualty insurance and reinsurance operations in Bermuda and at Lloyd’s. It signed a definitive agreement with Liberty in March to acquire Pembroke and Ironshore Europe DAC.

“Today represents a significant milestone in Hamilton’s development,” Pina Albo, Hamilton chief executive officer, said.

“Many will see this as a Lloyd’s acquisition, and while we have achieved meaningful scale in that market, this deal expands our opportunities far beyond Lloyd’s.

“Our talented team has become even stronger, and we now work in offices spanning a much larger geography. With the addition of our new operations, including Dublin, the US and Dubai, our ability to attract new clients and partners and become more relevant to the ones we serve, has increased exponentially.”

The company said the transaction meant it had achieved scale at Lloyd’s, with total managed stamp capacity of £600 million ($730 million). Additionally, it has added global underwriting and operational talent to the Hamilton team, and acquired a Dublin-based acquired a Dublin-based platform that provides non-Lloyd’s capabilities and access to the US and EU markets.

It said that following the signing of the agreement in March, AM Best has reaffirmed the ‘A-’ credit rating for Hamilton Re, and Kroll Bond Rating has affirmed Hamilton Re’s insurance financial strength rating of ‘A’.

Commenting on the management appointments, Ms Albo said: “We now have key executives in roles that will leverage all that this acquisition represents.

“As president, Strategic Partnerships, Jonathan joins global head, Specialty Insurance Peter Barrett and Hamilton Re CEO Kathleen Reardon in assuming responsibility for the development of three areas of strategic focus where we see real opportunity for organic and non-organic growth.

“And I’m delighted to welcome Tony Ursano to the Hamilton team. Tony knows Hamilton well having counselled us on a number of initiatives in his role at TigerRisk Partners. As group CFO, Tony will also be involved in helping to drive the company’s business development and strategic initiatives.”

Mr Reiss is a founding member of Hamilton, and in his new role assumes responsibility for developing the strategy and business plan for Hamilton’s strategic partnerships, including oversight of the company’s third-party capital platform, Hamilton Capital Partners. He will develop proposals for any potential new investment opportunities as well as manage the further development of the company’s third-party business.

Mr Ursano comes to Hamilton from TigerRisk Partners LLC, where he held the position of president. Prior to that he was CEO of Willis Capital Markets & Advisory, and head of corporate development for the Willis Group for six years.

During the transaction, TigerRisk Capital Markets & Advisory served as financial advisor and Debevoise & Plimpton LLP served as legal advisor to Hamilton.