CEO Kevin H. Kelley issued the following statement on today’s announcement that Liberty Mutual and Fosun have signed a stock purchase agreement under which Liberty Mutual will acquire a 100% ownership interest in Ironshore.
Ironshore Australia announces a new product to cover After-the Event Legal Expenses to mitigate commercial litigation loss exposure. Ironshore Australia will offer insurance protection for litigants to be underwritten in conjunction with Ironshore’s Pembroke Managing Agency Limited.
Ironshore’s Construction Industry Vertical, in conjunction with Ironshore Specialty Casualty expands coverage for the Designers and Contractors sector with a new combination policy covering Contractors Professional Liability, Contractors Pollution Liability and Pollution Mitigation in a single product suite.
Ironshore International has enhanced the language capabilities of its Mergers & Acquisitions unit with insurance documents and services offered in Mandarin. Ironshore developed a suite of marketing materials and policy forms produced in Mandarin to assist Chinese companies in understanding the value of insurance coverage for in-country and cross-border merger and acquisition transactions. Dual language professional proficiency in English and Mandarin is available within Ironshore International’s dedicated M&A team of underwriters located in London and throughout the Pacific region, including Shanghai, Hong Kong and Singapore.
Ironshore International introduces a packaged policy to provide combined Professional Indemnity and General Liability insurance for specialist engineers. Ironshore will underwrite coverage for Professional Liability, General Liability, Product Liability and Employer’s Liability under one policy form designed for engineering firms of any size domiciled outside of the U.S.
IronPro, Ironshore’s financial and professional lines unit, is introducing Ironshore CyberCrime and DataProtect for English and Welsh Solicitors. Paragon Brokers, an independent global insurance broker based in London and Bermuda, will exclusively market this product in conjunction with Cyber Monitoring and Alert Services (CMAS). IronPro has engaged the information security firm, BorderHawk, to offer CMAS that detects potential threat indicators and extrapolates such knowledge into a proactive indication and warning process for IronPro Insureds.
Ironshore Inc. announces the introduction of a crisis management coverage feature as an extension of its Terrorism & Sabotage program. Ironshore’s Terrorism Crisis Threesixty endorsement will be added, without additional cost, to all in-force stand-alone Terrorism policies as an automatic extension, offering insureds access to leading crisis response specialists following an act of terrorism or an active shooter event within the United States. The Terrorism Crisis Threesixty enhancement provides third party reimbursement for crisis management services and fees with limits of up to $100,000 per occurrence.
IronPro, the financial and professional lines unit of Ironshore Inc., is introducing a Compromised Plastic Card Re-Issuance Expense coverage enhancement to its Enterprise PrivaProtector as a Financial Services sector product.
Ironshore Inc. has named Andrew M. Stephens as Branch Executive of San Francisco for the West region, effective immediately. He will be responsible for distribution marketing and product development of commercial lines for U.S. Field Operations in the area, reporting to Adam J. Witten, West Regional Executive based in Los Angeles.
Ironshore’s Pembroke Managing Agency Ltd. announces the establishment of the Specie Consortium, a new venture supported by twenty-one (21) Lloyd’s Syndicates offering up to $635 (USD) million in capacity for any one risk worldwide. The Specie Consortium is led by three syndicates: Pembroke Managing Agency Syndicate 4000, Apollo Syndicate 1969 and Navigators Syndicate 1221. The lead syndicates on the risk can quote and underwrite specialist cover on behalf of all Lloyd’s participating syndicates.
Ironshore Specialty Casualty is introducing Owners Protective Professional Indemnity (OPPI) coverage for specific construction projects. Ironshore’s OPPI product indemnifies the project owner for first party loss resulting from contracted design professionals and builders negligence when damages exceed the existing professional liability insurance policy limit. The coverage also provides defense reimbursement of third-party claims against the owner due to negligence on the part of professionals retained by the owner for the specific project. Ironshore’s OPPI offers excess layer protection above the underlying self-insured retention (SIR) policy limits. Dedicated limits are available on a project-specific basis up to $15M.
Ironshore Private Client Group today announced that it is expanding the Ironshore Private Insurance Portfolio product to high net worth homeowners in Connecticut, effective immediately. Ironshore Private Insurance Portfolio coverage is available in four states on an admitted basis, including Pennsylvania, New Jersey and Georgia.
Ironshore Specialty Casualty is offering a new endorsement as an enhancement to its primary General Liability coverage form for commercial clients. Ironshore’s Third Party Product Recall Cost Endorsement covers specified costs incurred by a direct customer of the insured in the event that a recall must be ordered as defined in the endorsement. The coverage applies on a first dollar basis and provides a separate limit of $50,000 per policy.
Ironshore International has named Dr. Jörg Eickstädt as Head of Direct and Facultative Property, effective immediately. He will be responsible for underwriting Ironshore’s direct and facultative portfolio for U.S. and international property risks. Dr. Eickstädt will be based in London, reporting to Nick Wills, Senior Vice President, Global Property, Bermuda.
Ironshore’s Pembroke Managing Agency Limited announces its updated Financial Institutions Crime program to include cyber fraud and cyber extortion. Pembroke’s crime coverage for Financial Institutions indemnifies a company for direct financial loss resulting from internal and external fraud incidents. The updated crime policy protects against employee fraud, documentary fraud by third parties, robbery, as well as extended coverage for cyber fraud and cyber extortion acts.
Ironshore’s Pembroke Managing Agency Limited has entered into a management agreement with Old Mutual Group to underwrite select specialty lines for African risks. Pembroke’s Lloyd’s Syndicate 4000 partners with Old Mutual Specialty Insurance to offer coverage for multiple property, casualty and specialty business lines in Africa. Insurance products will be delivered throughout the Old Mutual Insurance platform spanning more than 40 countries in sub-Saharan Africa. Pembroke Lloyd’s Syndicate 4000 can provide additional capacity of up to $250 (USD) million on a portfolio or single project basis.
Ironshore International has announced its global Mergers & Acquisitions unit will establish an Americas presence to address complex, multi-jurisdictional transactions within the North and Latin American regions. The Americas team will be led by Navine K. Aggarwal, serving as Senior Vice President, Head of Mergers & Acquisitions of the Americas, to be based in New York. In addition, the new team has named management appointments in its New York, Atlanta and Toronto offices. Mr. Aggarwal will report to Rowan Bamford, Global Head, Mergers and Acquisitions and Tax Insurance.
Ironshore Inc. is pleased to announce the addition of Oil Casualty Insurance, Ltd. (OCIL) as a subscribing insurer to Iron-Starr Excess Agency Ltd. for Financial Lines business. Iron-Starr currently underwrites on behalf of Ironshore Insurance Ltd. (IIL), Starr Insurance & Reinsurance Ltd., Hamilton Re Ltd. and Antares Syndicate 1274. With the addition of OCIL, Iron-Starr will be able to offer increased capacity for Directors and Officers Liability, Cyber Liability and Transactional Liability for Financial Lines clients.
Ironshore Inc. has named Shawn Homand as Chief Underwriting Officer of Global Property, effective immediately. He will oversee underwriting responsibilities and global product growth strategies throughout Ironshore’s property platform. Mr. Homand will be based in the Boston office, reporting to Tony Mammolite, President of Global Property.
Ironshore International is introducing a specialty insurance product designed to address the risk exposure of film production companies shooting in at-risk locations worldwide. Ironshore’s Political Risk program is underwritten to protect film producers against loss and/or damage of equipment and property caused by acts of foreign governments while filming on location. Policy coverage includes equipment, props, wardrobe and other production materials for loss due to abandonment, deprivation, expropriation and license cancellation.
Ironshore Inc. has appointed Tara Houvenagle, Western Region Casualty Manager, to assume the additional role of Wholesale West Branch Executive for the Western Region. Ms. Houvenagle, who is based in Ironshore’s St. Louis, Missouri office, will report to Joseph L. Boren, President of U.S. Field Operations.
Ironshore Inc. announces that David Harrell has joined its Specialty Casualty unit as Vice President, Casualty Manager in the Chicago office. He will be responsible for building upon Ironshore’s retail distribution platform of Specialty Casualty product lines throughout the Midwest region, reporting to Tracey Sharis, Senior Vice President, Specialty Casualty.
Ironshore Inc. announces that Adriana Nariño has joined as Head of Surety for the Latin American Group, expanding capabilities for this specialty sector within the region. Ms. Nariño has more than 20 years’ experience in underwriting surety coverages for global insurance companies throughout the region. She will be based in the Miami office, reporting to Pepe Marquez, Managing Director for Ironshore in Latin America & Caribbean.
Ironshore Pembroke Managing Agency Ltd. is offering Product Contamination Recall Insurance, focusing on risk exposure within the food and beverage industries. The program was developed in response to the increasing volume of consumption product recalls averaging 25 to 30 incidents per week on a global basis. Contamination and subsequent recall occurrences can be triggered by accidental human error, malicious product tampering and product extortion throughout the manufacturing and distribution processes.
Ironshore Inc. announces that David P. Callaghan has been appointed to President of its Marine Re division, effective immediately. He has served as Vice President and Senior Treaty Underwriter for Marine Re since the division was established in 2009. Mr. Callaghan will be responsible for overseeing Ironshore’s global Marine Treaty portfolio and elevating awareness of Ironshore underwriting capabilities to new marine markets. He will be based in the Charlotte, North Carolina office, reporting to Tim Glover, Chief Underwriting Officer of Ironshore International.
Ironshore Inc. has named Juan M. Melo to serve as the Head of Crisis Management for Latin America and the Caribbean. Mr. Melo joins Ironshore’s Miami team and will focus on the complex risk exposures of War & Terrorism and Kidnap & Ransom insurance. He will be based in the Miami office, reporting to Pepe Marquez, Managing Director for Ironshore in Latin America & Caribbean.
Ironshore Inc. announces that it has reached an agreement to acquire the remaining 80 percent equity interest in Lexon Surety Group, LLC and its surety-related affiliates. Ironshore will use cash on hand to fund the purchase in an all-cash transaction expected to close in 2016, subject to regulatory approvals and other customary conditions.
Ironshore Inc. is pleased to announce that Antares Syndicate 1274 at Lloyd’s will join as a subscribing insurer for Iron-Starr Excess Agency Ltd. Iron-Starr, based in Bermuda, is a managing general agency that underwrites specialty lines of business on behalf of Ironshore Insurance Ltd., Starr Insurance & Reinsurance Limited and Hamilton Re, Ltd.
Ironshore’s Pembroke Managing Agency Limited has enhanced its Directors & Officers Liability product for Financial Institutions to reflect U.K. regulation. The new regulation, known as the “Senior Managers Regime,” places greater personal accountability on senior managers of U.K. financial institutions, effective as of March 7, 2016. Pembroke Lloyd’s Syndicate 4000 has broadened liability coverage offered through its Financial Institutions division to protect individuals that perform “Senior Management Functions.”
Ironshore International announces the acquisition of the Savannah Insurance Agency of Sydney, Australia, effective immediately. The Savannah Agency team of underwriters will join Ironshore Australia offices, broadening its regional presence in offering select specialty business lines. Katherine Simmonds, Managing Director of Ironshore Australia, will oversee the integration of the entities.
“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,” stated Ms. Simmonds.
The Savannah Insurance Agency was founded in 2009 by Julian Sparkes, who had previously served as the Chief Executive Officer of A.J. Gallagher, Australasia. The Savannah Agency is an established Lloyd’s coverholder and underwrites various lines of business, including Personal Accident, Public Liability, Professional Indemnity, Management Liability and Property.
Mark Wheeler, Chief Executive Officer of Ironshore International, commented that “Ironshore continues to build upon its strategic foundation of uncovering growth opportunities in selected specialty sectors within key markets, such as Australia.”
Ironshore Australia underwrites a range of property and casualty lines, including Mergers & Acquisitions and Tax Liability, Political Risk, Trade Credit, Marine Cargo, as well as Agriculture commercial risks.
Ironshore International has announced that its Lloyd’s Pembroke Managing Agency Limited (Pembroke) has appointed Malcolm Beacham to the Board (subject to regulatory approval), serving as an Independent Non-Executive Director. Pembroke operates within Lloyd’s as Syndicate 4000, underwriting a portfolio of specialty insurance products in distinct markets. Mr. Beacham’s appointment will reinforce Pembroke’s underwriting control capability and enhance its third-party offerings.
Ironshore Inc. (“Ironshore”) announced that its parent company, Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun”), is considering pursuing an initial public offering of Ironshore ordinary shares.
As of the date of this announcement, no final decision has been made by the respective boards of directors of Ironshore and Fosun on whether, when or where to proceed with the possible offering.
This news release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933 and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Ironshore Environmental is expanding its industry SPILLS program to the Real Estate sector, offering blanket coverage for all owned and leased residential and commercial properties without the need to schedule properties. The policy includes comprehensive coverage for remediation expenses, emergency response expenses, bodily injury, property damage and business interruption expenses. Policy limits are available from $1 million and up to $50 million.
IronPro, Ironshore’s financial and professional lines unit, is introducing a suite of enhanced Cyber and Technology E&O products customized for the Canadian marketplace. IronPro’s Cyber and Tech products will also provide eligible Ironshore Highly Protected Information (HPI) policyholders with Cyber Monitoring and Alert Services (CMAS) during the policy period. IronPro has engaged the information security firm, BorderHawk, to offer CMAS services that detects potential threat indicators and extrapolates such knowledge into a proactive indication and warning process for IronPro Insureds.
Ironshore Inc. has announced that Melanie Alexander will serve as Head of Global Property Programs, overseeing the London-based property facility business. She will report to Tony Mammolite, President of Global Property.
Ironshore International announces that James W. Hill has been named Underwriting Manager of Terrorism, Political Violence and War for the Asia Pacific region. Mr. Hill, who joins Ironshore from Willis Limited, will be based in Ironshore’s Singapore office, reporting to Hui Yun Boo, Managing Director Asia Pacific. He is charged with establishing Ironshore’s presence throughout the region for this specialty line of business.
Ironshore Inc. has announced that its Specialty Casualty Transportation unit has launched TransitProtect Plus, a new suite of endorsements offering coverage enhancements for transportation product manufacturers and distributors. Coverage is underwritten on a primary basis with limits up to $5 million on an occurrence or claims-made basis.
Private Insurance Plan To Be Offered On An Admitted Basis in Select States - Ironshore Inc. has established a dedicated Private Client Group to introduce its new insurance plan, the Ironshore Private Insurance Portfolio. Ironshore’s personal lines policy will be available for high net worth homeowners with properties valued in excess of $1 million. Ironshore’s Private Insurance Portfolio provides packaged home, contents, valuable articles and umbrella liability coverage for properties located in select states. Pennsylvania and Georgia will be the first states approved for new business effective March and April 2016 respectively. States to follow will be New Jersey, Connecticut, New York, Massachusetts, Rhode Island, Maryland, Virginia and Washington D.C., subject to regulatory approvals. Ironshore ultimately will expand the product offering nationally.
IronPro, the professional liability unit of Ironshore Inc., is introducing a suite of enhanced risk management services for cyber policyholders. IronPro will provide eligible Ironshore Highly Protected Information (HPI) policyholders with Cyber Monitoring and Alert Services (CMAS) during the policy period. IronPro has engaged BorderHawk, an Atlanta-based security firm, to offer CMAS services that analyze cyber activity to detect questionable client events.
Ironshore Inc’s. Specialty Casualty unit has named Merle E. Shapiro to the position of Product Line Manager for Public Entity Lines. She will be responsible for expanding Ironshore’s Public Entity practice and building upon its platform of serving municipal and state governmental units, special public facilities, school districts and higher educational institutions. Ms. Shapiro is based in Ironshore’s San Francisco office, reporting to Kevin Whitehead, Chief Underwriting Officer of the Specialty Casualty unit.
Ironshore Inc. has named Ronald A. Gleason to assume the position of Global Energy Industry Practice Leader, effective immediately. Mr. Gleason, Senior Vice President, currently serves as Ironshore Regional Executive for South Central, based in Houston, and will continue in that role. He will be responsible for developing integrated insurance solutions for the Energy sector in alignment with Ironshore underwriting specialists throughout its global platform.
Ironshore established the vertical Industry Practice Leadership structure more than three years ago to address distinct sector-specific risks. The industry practice leaders leverage Ironshore’s network of dedicated specialty production specialists to provide insureds and brokers with optimal coverage solutions.
“Ironshore Energy lines realized a growth rate of nearly 10 percent last year, signaling an opportunity to further broaden specialty sector coverage offerings across our various lines of business worldwide,” stated Kevin Kelley, Chief Executive Officer of Ironshore. “Ron will assume leadership in building upon the industry practice group strategy to foster continued progress through innovative product development and productive client relationships.”
Mr. Gleason has more than 30 years’ experience as a specialty underwriter in the energy sector. He joined Ironshore in 2009 to establish the Houston office. Previously, as of 2000, he led the regional energy operation of AIG Global Energy after having served for more than five years as Profit Center Manager for the AIG Energy division.
Ironshore’s Energy Industry Practice underwrites comprehensive coverages on commercial risks across virtually all classes within the specialty Energy sector worldwide, including Casualty,
Environmental, Global Property, International Liability and Professional Liability lines, among others. In addition to Energy, Ironshore global industry practice groups are Construction, China Client Services, Financial Institutions, Healthcare, Personal Lines and Real Estate sector risks.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000. The Ironshore group of companies is rated A u (Excellent) by A.M Best with a Financial Size Category of Class XIV. Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best, AA- (Very Strong) by Fitch, and A+ (Strong) by Standard & Poor’s. For more information, please visit: www.ironshore.com
Ironshore Inc. has announced the opening of a branch office in Seattle, to be led by Daniel Sonon as Branch Executive. Mr. Sonon will be responsible for marketing across all Ironshore business lines, reporting to Jeremy Frumkin, Branch Executive based in San Francisco.
Ironshore Global Property will expand its Builders’ Risk coverage to include wood frame commercial construction projects in the U.S. and Canada. The stand-alone policy offering will protect against property risks of large scale, commercial wood frame structures during the course of construction. Capacity limits are available up to $15 million to be underwritten on a quota share basis for both Wholesale and Retail producers for selected wood frame construction projects.
Ironshore International announces that its subsidiary, Pembroke Managing Agency, will establish an office in Shanghai in January 2016 as part of the Lloyd’s China platform. In Shanghai, Pembroke Managing Agency will underwrite specialty lines of business, initially focusing on the Agriculture, Marine and Healthcare sectors. Ms. Tracy Ma has been appointed Underwriting Manager of the entity, reporting to Hui Yun Boo, Managing Director of Ironshore’s Asia/Pacific region.
Ironshore distinguishes itself in the industry by closely aligning our claim professionals with members of the underwriting, actuarial and finance teams. This is our way of ensuring that the people who make the promises, keep the promises and that our policyholder claims are handled in a professional and expeditious manner.
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. As Ironshore has many U.S. and internationally domiciled companies we have endeavored to comply with the FATCA regulations. All FATCA documentation is available within the following pages upon registration.