A subsidiary of Bermuda-based insurer Ironshore has bought out a Dubai-based underwriter as it looks to expand its business in Asia and Africa.

Ironshore International said it completed the acquisition of Visionary Underwriting Agency last month.

Visionary, founded in 2012 by David Austin, is incorporated within the Dubai International Financial Centre (DIFC), and gives Ironshore a platform in one of the growth areas of the world for insurance.

“Ironshore’s acquisition of Visionary complements our existing global distribution platform and further expands our foundation for growth opportunities in selected specialty sectors within the Asian and African markets,” stated Mark Wheeler, chief executive officer of Ironshore International.

Visionary’s regional portfolio consists of exposures in the Middle East, the Far East and Africa. It underwrites 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.

Ironshore said Mr Austin will continue to serve as CEO 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 DIFC that has become an emerging hub for international insurance expansion”.

Visionary is regulated by the Dubai Financial Services Authority (DFSA) and the Ironshore transaction is subject to regulatory approval.