Ironshore Inc. announced today that it will now provide coverage of up to $50 million for selected U.S. Casualty lines, effective January 1, 2014. Increased capacity, up from the current limits of $25 million, will be available in the U.S. for Specialty Casualty, Ironshore Environmental, IronPro, the professional and management liability unit, IronHealth, the specialty healthcare unit, and Iron-Starr Excess Agency Limited.
Ironshore’s U.S. Specialty Casualty unit announced that its Energy Unit is offering enhanced insurance coverage endorsements for upstream energy risks as part of its ExcessProtect Plus Energy Commercial Excess Liability policy. The suite of endorsements provides insurance coverage for energy risks that are engaged in oil and gas lease site operations, including lease operators and non-operators as well as the myriad of contractors working in this segment of the energy sector.
Ironshore Canada announced that Dane Hambrook has been appointed Managing Director, while Stephen Stewart has been named Managing Director of the Canadian Branch of Ironshore Insurance Ltd., also based in Toronto. Messers Hambrook and Stewart will report to David Frediani, President of Ironshore International.
Ironshore’s Personal Lines unit is expanding flood insurance coverage for high net worth homeowner clients. The Excess Flood insurance is an endorsement available on homeowners policies underwritten by Ironshore through its network of program administrators. The coverage provides an excess layer of protection above the $250,000 limit for property damage offered through the National Flood Insurance Program (NFIP).
Ironshore Australia announced an agency agreement with the Australian Branch of International Insurance Company of Hannover Plc (Inter Hannover) for Mergers and Acquisitions (M&A) Insurance business, primarily focused on business emanating from the Australian and New Zealand region.
Ironshore Inc. announced that its Pembroke Managing Agency Limited (“Pembroke”) has received formal approval from Lloyd’s to manage a new syndicate for the 2014 Year of Account. The new syndicate, named Acappella Syndicate 2014, is targeting £60.5 million of premium in its first year and has a £75 million stamp capacity.
Ironshore Australia has entered the Fine Art, Specie and Cargo insurance sectors in Australia through the creation of a new Marine Unit. Ironshore’s team of professionals will focus on underwriting a diverse range of both static and transit Fine Art risks for Australian-based companies and high net worth individuals, providing insurance coverages for fine art and valuables collections of private owners, museums and art galleries, among others.
Ironshore International announced that its Pembroke Managing Agency Limited (“Pembroke”) is offering insurance coverage for lenders engaged in the financing of satellite projects. The product provides insurance coverage for banks and export credit agencies against the risk of non-disclosure and misrepresentation by the borrowers in a satellite financingtransaction. Pembroke Syndicate 4000 will lead a consortium of Lloyd’s syndicates to provide capacity of up to $100 million (USD) to underwrite coverage.
Ironshore Inc. announced that Michael E. Morrill has been appointed to its Board of Directors, serving as Chairman of the Underwriting & Risk Committee. Mr. Morrill is the former Deputy Chairman of AXIS Reinsurance Group, as well as Chairman, Chief Executive Officer and President of AXIS Reinsurance U.S. within the AXIS Capital Group, headquartered in Bermuda. During his tenure with Axis, from 2002 to 2011, he launched and managed the multi-line reinsurance business plan for AXIS Re, supervising all business lines underwritten in the U.S.
Ironshore Inc. announced that its global Terrorism & Sabotage program to protect against diverse risk exposure worldwide has increased capacity to up to U.S. $300 million. The insurance coverages are underwritten by Ironshore’s Lloyd’s Pembroke Syndicate 4000 by the agency’s dedicated team of professionals with expertise in offering protection for complex, high profile acts of terrorism.
Ironshore Inc. announced that Mark Johnson has been appointed to the Board of Directors of its Lloyd’s Pembroke Managing Agency Limited. Mr. Johnson will be responsible for ensuring that Pembroke fulfills its obligations to third-party capital, as well as developing third-party business opportunities. The appointment takes effect October 1, 2013, subject to Lloyd’s and PRA approval.
Ironshore Inc. announced that its Pembroke Managing Agency Limited (“Pembroke”) has received “in principle” approval from Lloyd’s to form and manage a new syndicate for the 2014 underwriting year. The new syndicate, to be numbered 2014, will be named the Acappella Syndicate. Permission for the syndicate to underwrite will be determined once Lloyd’s has completed its review of Pembroke’s arrangements to manage the syndicate and formally agree upon the syndicate business plan and capital requirements.
IronHealth, the specialty healthcare unit of Ironshore Inc., is introducing IronCARES, a risk management program designed to complement its HMO Reinsurance and Provider Excess of Loss Insurance solutions. IronCARES brings together IronHealth’s industry leading underwriting capabilities with preferred medical professionals and healthcare advisors dedicated to the unique needs of catastrophic, medically-complex cases. Through this multifaceted program, the IronHealth team will assist insureds in achieving optimal financial and clinical outcomes related to the management of catastrophic and complex specialty healthcare claims.
Ironshore International announces the appointment of Astrid O’Reilly to write Mergers & Acquisitions (M&A) insurance lines, based in its Singapore office. She will oversee Ironshore’s M&A insurance offerings and services throughout the Asian region. Ms. O’Reilly, who is a corporate lawyer, was an underwriter for M&A business lines in Ironshore’s London office.
Ironshore Inc. has announced that Christopher Johnston has been named Midwest Regional Executive in the Chicago office, reporting to Joseph L. Boren, President of Ironshore’s U.S. Field Operations. Mr. Johnston, who joined Ironshore in 2010, will also continue to serve in his current position as Vice President, Midwest Regional Property Manager, reporting to Bradley Winfield, head of Ironshore’s U.S. Retail Property operations.
Ironshore Inc. is pleased to announce that Aileen A. Marchese has been named Senior Vice President of the Northeast Region, to be based in New York. Ms. Marchese will be responsible for the management, oversight and operational execution of Ironshore’s business development strategies within the regional area, reporting to Joseph L. Boren, President of U.S. Field Operations.
Ironshore Inc.’s Specialty Casualty unit is introducing a new policy form for Excess Liability risks to provide a more concise coverage solution for insurance brokers and insureds. Ironshore’s “ExcessProtect Plus” policy form has been reduced to two pages with no built in exclusions and limited underwriting conditions, offering a more consistent approach to follow-form excess liability coverage. With ExcessProtect Plus, specific insurance coverage needs can be addressed by endorsement or by relying on the terms and conditions of the controlling underlying policy.
Ironshore Inc.’s Specialty Casualty unit is launching a new claims-made policy form to complement its suite of products and services available to the Commercial General Liability market for prospective insureds facing unique product liability challenges. Ironshore’s “General Liability Claims-Made Advanced” form offers creative coverage solutions and flexible retention structures.
Ironshore Inc. announced today that Stuart Anderson, Chief Executive Officer of Iron-Starr Excess Agency Ltd., is relocating for personal reasons and therefore stepping down from his position. Mr. Anderson will continue to work closely with Ironshore in cooperation with the Ironshore Executive Management team on strategic initiatives for the remainder of the year.
Ironshore Inc. has announced the creation of a new management team to serve as Industry Practice Leaders. The initiative reflects Ironshore’s continued focus on developing innovative insurance solutions to meet the coverage needs of specialty markets. Ironshore has identified select business lines that increasingly demand new products and services that address distinct industry-specific risks, which will include Energy, Construction and Personal Lines.
Ironshore Inc. (“Ironshore”) and Lexon Surety Group (“Lexon”) have announced that they will broaden their strategic alliance by providing additional capacity for Boston Indemnity Group (BIG), a subsidiary of Lexon. Ironshore will provide quota share reinsurance capacity for BIG and serve as a primary fronting facility for new and renewal business for U.S. commercial and contract surety risks. BIG is a provider of specialty solutions to the surety market, focusing on small- to mid- size companies that are underserved in the traditional surety market.
Ironshore Inc. is pleased to announce the promotion of Timothy R. White to Senior Vice President of U.S. Wholesale Distribution, to be based in Boston. Mr. White will be responsible for the strategy and planning of Ironshore’s U.S. Wholesale business platform throughout the U.S., as well as the management of Ironshore’s U.S. Wholesale offices. He will report to Mr. Joseph L. Boren, President of Ironshore’s U.S. Field Operations.
Ironshore Inc. announced that A.M. Best has upgraded the financial strength ratings for Ironshore and its subsidiaries to an A (Excellent) from an A- (Excellent). The operating subsidiaries include Ironshore Insurance Ltd. (Bermuda), Ironshore Indemnity Inc. (Minnesota), Ironshore Specialty Insurance Company (Arizona), and Ironshore Europe Ltd. (Ireland). In June 2012, A.M. Best placed Ironshore’s rating on positive outlook, which has been upgraded to an A rating with stable outlook just a year later.
A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit ratings (ICR) to “a” from “a-” of Ironshore Insurance Ltd. (Bermuda) and its affiliated operating companies.
Ironshore Inc. announces the appointment of Joe Roberts as Chief Financial Officer. Mr. Roberts will be responsible for the management and oversight of all financial aspects of Ironshore’s worldwide activities, reporting directly to Kevin H. Kelley, Chief Executive Officer of Ironshore Inc. He will be based in Ironshore’s Bermuda head office.
Ironshore International is launching a customized, comprehensive insurance solution to meet increased marketplace demand for a product that responds to the heightened risk exposure associated with high-profile events. The new product, “SecurEvent,” is a single broad form policy that offers a suite of coverage protection, including Broad Form Contingency, General Liability, Accidental Death & Dismemberment Insurance, as well as pre- and post- event crisis management coverage via Ironshore’s CrisisThreeSixty policy enhancement. Ironshore’s SecurEvent policy can be tailored to meet specific sponsor organizational risk requirements for single day events, as well as events held over an extended time period. Ironshore will underwrite the coverage through its Lloyd’s Pembroke Syndicate 4000, based in London.
IronPro, the U.S. professional and management liability unit of Ironshore Inc., has introduced an insurance program to provide insureds with coverage for crisis events that pose potential public image risks. The product, “Ironshore CrisisShield,” provides insureds with coverage for professional service expenses relating to the development of response strategies that will potentially mitigate adverse reputation consequences of certain specified risk events. CrisisShield is available by endorsement to IronPro insureds and covers pre- and post- crisis management event costs incurred by these services. Lanny J. Davis, former White House Special Counsel, and Mercedes Colwin, a managing partner for Gordon Rees, a national law firm, will deliver these professional services.
Ironshore Inc. (“Ironshore”) announced today that it has purchased a 9.9 percent equity stake in Lexon Surety Group (“Lexon”), with an option to increase its ownership to 20 percent of Lexon’s equity in the future, subject to receipt of requisite regulatory approvals. Ironshore’s initial investment is primarily in the form of convertible preferred units. The investment and option further the strategic alliance with Lexon announced in March 2013.
IronHealth, the specialty healthcare unit of Ironshore Inc., has announced an enhancement to its innovative Lead Excess Umbrella and Follow-Form Excess Hospital Professional Liability (HPL) policies. Hospital insureds and their brokers will no longer be required to select amongst IronHealth’s seven event-specific, drop-down coverage options at the time of binding. IronHealth’s HPL policies now provide that all drop-down coverages will be available throughout the policy period with a preset limit of liability coverage per event, which is subject to an overall aggregate limit of liability under the terms of the policy.
Ironshore International, a subsidiary of Ironshore Inc., announced that its Lloyd’s Pembroke Syndicate has been authorized by the Japanese Financial Services Authority to offer Representations & Warranties coverage through Lloyd’s Japan. Ironshore International’s M&A unit provides insurance solutions on a global basis for complex multinational corporate transactions. Through its relationship with Lloyd’s Japan, Ironshore’s Pembroke Syndicate will provide up to £25 million (GBP) in capacity per transaction.
Ironshore Canada Ltd., a subsidiary of Ironshore International, has announced an increase in capacity to $30 million for its Specialty Casualty Lines for 2013. Ironshore Canada Specialty Casualty division offers coverages to protect a broad range of industry sector risks, including manufacturing, commercial construction, transportation, agriculture, energy, power, and industrial production.
Ironshore Inc. ("Ironshore") and LexonSurety Group ("Lexon") announced today that they completed the first stage of a new strategic alliance in the surety market. Lexon writes over $100 million in direct written
premium annually and is the 12th largest writer of surety bonds in the United States. Ironshore’s subsidiaries will provide quota share reinsurance and primary fronting facility on new and renewal business for most types of U.S. commercial and contract surety risks. In addition, Paul S. Giordano, Chairman of Ironshore’s Political Risk, Special Risk & Surety businesses, will become a director of Lexon.
Ironshore Inc. announced its entry into the Bermuda healthcare market and the appointment of Susan Pateras as Senior Vice President, Healthcare Practice Leader of Iron-Starr (Managing General Agent for Ironshore Insurance Ltd.). Iron-Starr will provide insurance protection for a broad range of clients, including hospitals, long-term care facilities, miscellaneous medical facilities, managed care operators, life science organizations, pharmaceutical and medical device manufacturers, and various allied and physician groups.
Ironshore Inc. has announced the acquisition of Excess Risk Reinsurance (ERR), Inc., a leading Managing General Underwriter that specializes in the Employer Stop Loss insurance sector. ERR will operate as a wholly-owned subsidiary of Ironshore Insurance Services LLC., offering its suite of specialty products and services to the Employer Stop Loss market.
Ironshore Inc. announced that it has accepted an invitation to join the Council for Insuring Private Clients (CIPC) as a corporate member. CIPC, founded by MarketScout in cooperation with ACE, AIG and Fireman’s Fund, focuses on best practices, agent education, and advocacy as related to insuring the personal assets of private clients.
Ironshore Europe Ltd. (IEL) announced that Jamie R. Lewis joins as Senior Vice President, Healthcare, working closely with Matt Dolan, President of IronHealth. Mr. Lewis will be responsible for developing Ironshore’s healthcare professional liability portfolio in the London market, working in cooperation with IronHealth, the company’s specialty healthcare unit.
Iron-Starr Excess Agency Ltd. announced that John Mohs has been appointed to the position of Senior Vice President within the Excess Casualty division, based in Bermuda. Mr. Mohs manages a comprehensive portfolio of claims-made, occurrence, and occurrence-reported business lines for Iron-Starr, focusing on the energy sector.
Ironshore International has announced that Steven W. Komis has been appointed as President of Marine Re, based in New York. Mr. Komis will oversee the continued expansion of Ironshore’s Marine Re, a specialist marine reinsurance intermediary, reporting to Mark Wheeler, Chief Executive Officer of Ironshore International.
IronHealth, the specialty healthcare unit of Ironshore Inc., has introduced IronMed NC, a hybrid medical professional liability product that integrates the strength of its hospital professional liability knowledge with the physician expertise of Medical Mutual Insurance Company (MMIC) of North Carolina. The new product is the first of its kind within the healthcare insurance sector, which has been designed to meet the current
and future needs of healthcare organizations as they face the challenges presented by healthcare reform and the increasing acquisition of physician practices by hospital systems.
Ironshore Europe Ltd. (IEL) announced that Paul Calnan has been named Senior Vice President Global Offshore Energy, responsible for expanding the Global offshore energy business throughout Ironshore International’s platforms. He will focus on underwriting first party Offshore Energy risk, including offshore platforms, mobile drilling rigs and exploration, reporting to John Newton, London Branch Manager of IEL, and working closely with Peter Coleman in the growth and development of the Global Energy Portfolio.
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.