Fosun to Acquire Remaining Interest in Ironshore
Ironshore Inc. (“Ironshore”) and Fosun International Limited announced that they have entered into a definitive agreement for Fosun to acquire the remaining interest in Ironshore that Fosun does not already own. The acquisition of the remaining interest in Ironshore will be effected by the merger of an indirect wholly-owned subsidiary of Fosun International Limited with and into Ironshore, with Ironshore as the surviving company. After giving effect to the merger, Ironshore will be an indirect wholly- owned subsidiary of Fosun International Limited.
Ironshore to Raise Capacity Limits for Builder's Risk Property Products
Ironshore Inc. announced that its Global Property division will raise capacity limits for Builder’s Risk products to $50 million, an increase from the current $35 million limit, effective immediately. Ironshore’s Builder’s Risk Property program provides risk transfer protection for U.S.-based and international corporations for sector specific global construction coverages.
Ironshore International Announces The Formation of XXV Consortium
Ironshore International announced that the Specialty Casualty unit of Ironshore Europe Limited (IEL) and its Pembroke Lloyd’s Syndicate 4000 have joined with Lloyd’s Antares Syndicate 1274 and Markel Global Insurance to form XXV Consortium. The newly created XXV Consortium will focus on Lead Umbrella Liability cover for U.S. based corporates and will begin underwriting commercial risk as of July 1, 2015. XXV Consortium will have capacity limits of up to $25 million (USD) for Occurrence, Occurrence Reported or Claims-Made policies.
IronHealth Introduces Emerging Infectious Disease Business Interruption Coverage
IronHealth, the specialty healthcare unit of Ironshore Inc., announced the introduction of an endorsement on excess policies for Emerging Infectious Disease Business Interruption coverage. The drop-down coverage option will reimburse insureds for business income loss as a result of an infectious disease event, such as Ebola, HIV/AIDS, Influenza A (H5N1), or Legionella in their facility. Coverage will be underwritten for additional limits of up to $3 million above the underlying policy limit.
Ironshore Global Property Raises Capacity Limits to $35 Million for Energy Sector
Ironshore Inc. announced that its Global Property Energy division will increase its capacity limits from $25 million to up to $35 million, effective April 2015. This capacity increase will be available for all classes of business within the specialty property energy sector, including alternative energy, chemicals, cogeneration, on shore drilling rigs, gas plants, and electric utilities, among others. Ironshore looks forward to leveraging this additional capacity to expand its underwriting of energy risks throughout its global property platform.