Liberty Mutual’s National Insurance operation has partnered with the insurer’s recently acquired Ironshore subsidiary to introduce two new offerings that make it easier for brokers to better meet their clients’ needs for core and professional coverages.
Yesterday, Liberty Mutual Insurance announced it completed its acquisition of Ironshore Inc., creating a global specialty business with approximately $6.5 billion in net written premium. Today, Liberty Mutual is announcing it is combining its existing Liberty International Underwriters (“LIU”) U.S. business and Ironshore’s U.S. specialty lines business under the Ironshore brand, which will create the 6th largest writer of excess & surplus lines in the U.S. based on 2016 direct written premium.
Liberty Mutual Insurance announced today it has completed its acquisition of 100 percent ownership interest in Ironshore Inc., a premier global specialty company, from Fosun International Limited following receipt of regulatory approvals and satisfaction of customary closing conditions. Liberty’s purchase price equates to $2.935 billion and is subject to post-closing adjustments. Liberty Mutual announced a definitive agreement to acquire Ironshore on December 5, 2016.
Ironshore Environmental has promoted Thomas Duggan to the position of Chief Claims Officer overseeing specialty market claims management and processes throughout its global platform. He will be located in Ironshore’s New York office, reporting to Mike Mitrovic, President of Global Claims.
Ironshore has announced expansion of its Mergers & Acquisitions capabilities with a team of new hires in the Americas and broadened office presence to serve Canada and Latin America. To support heightened transaction volume throughout the Americas region, Ironshore increased business line capacity to $150 million (USD) for mergers and acquisitions cover.
Ironshore Specialty Casualty has enhanced its Transition Protection policy form to address contractual exposures related to an organizational merger or acquisition specific to the Construction industry. Ironshore’s Construction Transition Protection product provides coverage for abrupt and accidental property damage or bodily injury arising out of work completed by a construction company that occurred prior to the closure of the corporate transactio
Ironshore Specialty Casualty’s Public Entity division has introduced a policy extension offering institutions of higher education an automatic endorsement for expenses related to natural or man-made incidents, including active shooter and weapon wielding incidents, impacting campus operations. Ironshore’s Campus Secure endorsement provides excess coverage for reimbursement of event-related expenditures incurred during and in the aftermath of an unexpected, potentially devastating occurrence that disrupts educational institutions, impacting faculty, staff and students.
Ironshore Specialty Casualty executives Dawn Puro and Sonny Powers assume new product line responsibilities, effective immediately. Ms. Puro, Senior Vice President of Specialty Casualty and based in New York, has been named Product Line Manager for Public Entity lines. Mr. Powers, Vice President and Product Line Manager for Transportation and based in Boston, will now also serve in the capacity of Product Line Manager, General Casualty. Ms. Puro and Mr. Powers will work with senior management to oversee product development and distribution strategies to support the continued growth of their respective business portfolios, reporting to Kevin Whitehead, Executive Vice President and Chief Underwriting Officer, Specialty Casualty.
Ironshore Specialty Casualty announces the formation of Ironshore Energy Solutions, a dedicated Oil & Gas facility, offering liability coverages for on-shore middle market energy classes in the United States. Ironshore Insurance Services LLC, its specialty Managing General Agency, will deliver capacity to underwrite middle market sector risk on behalf of six consortium insurance companies. Ironshore Energy Solutions will provide up to $11 million in insurance capacity for General Liability and Umbrella coverages for complex sector risks.
Ironshore Private Client Group announced that its Private Insurance Portfolio product for high net worth homeowners is available throughout the state of New York, effective January 23, 2017. Ironshore Private Insurance Portfolio, a customized policy providing property and liability coverage for homes valued in excess of $1 million, will be underwritten on an admitted basis in New York through its network of independent retail and wholesale agents and brokers.
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.