Bermudian insurer Ironshore is reportedly interested in buying London-based Pembroke Managing Agency, which runs Lloyd's Syndicate 4000.

Reinsurance magazine reported yesterday that talks were in their "very, very early stages" and that money had not been discussed.

Ironshore chief executive officer Robert Deutsch yesterday told The Royal Gazette he had no comment on the report.

Reinsurance reported that Chaucer, which owns Pembroke, also did not comment.

Ironshore, which opened its doors for business in early 2007, has made no secret of its desire for a London platform. Last year it tried to buy Heritage its offer was rebuffed.

In January of this year, Mr. Deutsch told this newspaper: "London is strong for the kind of specialty business we like. It has people who are talented in that field and it would make good use of our capital. The London market is licensed throughout the world and it offers more entries to more markets.

"We want to establish ourselves there, either by building a UK operation from scratch or by buying an existing operation. But if we are going to buy, then we will be very disciplined about the price we pay."