Ironshore International has announced its latest Australian acquisition.

The international player has reached an agreement with Savannah Insurance Agency, an underwriting agency based in Sydney, effective immediately.

The team of underwriters from Savannah will join the Ironshore operation in Australia which will see the business broaden its regional presence in offering select specialty business lines.

Katherine Simmonds, managing director of Ironshore Australia, will oversee the integration of the entities and said that the move will allow Ironshore to up its product offerings.

“Ironshore’s acquisition of the Savannah Agency further expands our experienced underwriting team and enhances our breadth of product offerings in specialty lines within the regional market,” Simmonds said.

Founded in 2009 by Julian Sparkes, the former CEO of Arthur J Gallagher Australasia, Savannah is an established Lloyd’s coverholder that underwrites in various business lines including personal accident, public liability, professional indemnity, management liability and property.

Mark Wheeler, CEO of Ironshore International, said that the move highlights the growth aims of the business in the country.

“Ironshore continues to build upon its strategic foundation of uncovering growth opportunities in selected specialty sectors within key markets, such as Australia,” Wheeler said.

The move follows news that Ironshore may be looking at an IPO in the near future following their takeover by Chinese giant Fosun last year.