Mayberry acquires 20% of IronRock
Mayberry Investments has taken a 20 per cent stake in IronRock Insurance under the start-up's initial public offering.
"We expect that this investment will provide tremendous value for Mayberry, its client relationships, as well as the new investors who participated in the IPO," Mayberry CEO Gary Peart in a statement on Thursday.
Mayberry was the broker of the IronRock IPO, cementing its dominance in that business line. It has arranged most of the IPOs on the junior market, and has also invested heavily in several junior companies through different vehicles.
IronRock's team is led by heavyweights William 'Billy' McConnell as chairman and Evan Thwaites. The company will provide rivalry for the only other listed general insurer, General Accident. Mayberry also holds shares in the latter company through at least two vehicles.
Peart said Mayberry's investment strategy includes seeking out companies with strong leadership behind them.
"We believe in strong and solid partnerships, this one as well as other notable ones, including those with Mark Hart, Tom Tyler, Lascelles Chin, Dr Dirhu Tanna, Evan Thwaites and Billy McConnell. Our mandate is to continue building local businesses to impact our economy positively and immensely," he said.
IronRock Insurance was founded by Thwaites, Wayne Hardie, and McConnell. The company began underwriting business in January 2016 and aims to leverage business from what is considered an underserved segment of the market - marine insurance.
IronRock is aiming for around 3.5 per cent share of the general insurance market and profits of $400 million within its first five years.
Its listing on the junior market of the Jamaica Stock Exchange is set for March 15. IronRock will become the 26th company to join the junior market.