Ironshore International announced the acquisition of Visionary Underwriting Agency based in Dubai, effectively completed in December 2014. Visionary, founded in 2012 by David Austin, is incorporated within the Dubai International Financial Center (DIFC) and is authorized and regulated by the Dubai Financial Services Authority (DFSA). The Ironshore transaction is subject to regulatory approval."Ironshore's acquisition of Visionary complements our existing global distribution platform and further expandsour foundation for growth opportunities in selected specialty sectors within the Asianand Africanmarkets,"stated Mark Wheeler, Chief Executive Officer of Ironshore International. Visionaryunderwrites various specialty lines of business, including Political Violence and Terrorism, Casualty, Energy and Construction, which reflect Ironshore's focus on global, vertical industry practice groups. Visionary's regionalportfolio consists of exposures inthe Middle East, the Far East and Africa.
Mr. Austin will continue to serve as Chief Executive Officer of Visionary Underwriting Agency, a leading Lloyd's coverholder in the Emirate. He added that "becoming part of the Ironshore group allows us to deepen business relationships, initially focused on Political Violence and Energy specialty lines, grounded within the DIFCthat has become an emerging hubfor international insurance expansion."