Ironshore Inc. has broadened its Stand-Alone Terrorism & Sabotage insurance program to provide coverage to protect against the impact of isolated, “lone wolf” terrorist events. Ironshore’s long-standing terrorism program offers comprehensive terms of coverage with capacity of up to $300 million in support of U.S. businesses that suffer loss from a terrorist act, which is distinct from coverage that had been offered under the Terrorism Risk Insurance Act (TRIA) that will expire on December 31, 2014.
Ironshore has announced the introduction of a Luxury Yacht insurance program to provide cover for high valued yachts and mega yachts for U.S. owners. The new program offers a stand-alone, customized policy for high end luxury yachts with hull values of between $750,000 and $10 million. Ironshore’s Luxury Yacht coverage is underwritten on a broad “All Risks” agreed value basis.
Ironshore International has announced its entry into the agriculture market sector, with Catherine Besselman appointed Divisional Director, Global Head of Agriculture. Ms. Besselman will be responsible for business development, underwriting specialty coverages, and exploring sector diversification opportunities within Ironshore’s global group platform. She will be based in the Los Angeles regional office, reporting to Tim Glover, Chief Underwriting Officer of Ironshore International.
Ironshore International introduces enhanced insurance coverage for Kidnap & Ransom risks to protect corporate entities, as well as private family exposure to unexpected events. Ironshore’s comprehensive K&R insurance program provides protection against kidnap for ransom, extortion, hijacking, and wrongful detention. Ironshore International has entered into an exclusive partnership with Hazelwood Street Consultants, which offers professional crisis management services for personal safety guidance, security protection and event resolution.
Ironshore International announced that its Pembroke Managing Agency Limited (“Pembroke”) is broadening insurance coverage for the space sector to protect satellite operators, manufacturers and launch service providers from losses associated with launch delays. Pembroke’s Space unit will offer a suite of new contingent products to cover contractual liabilities and financial exposures, which the parties incur through launch delays.
Ironshore International announced that its Lloyd’s Pembroke Syndicate will further expand its Mergers & Acquisitions Insurance capabilities in the Asian market. 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 offers Warranty & Indemnity insurance coverage for up to £50 million (GBP) in capacity per transaction. Steven Harwood has been appointed as Pembroke’s dedicated underwriter in Tokyo, where he will work with Lloyd’s Japan assisting corporate Japan’s continuing overseas expansion.
Ironshore International has announced that its Mergers & Acquisitions unit will provide coverage for Political Risk exposures. Ironshore will enhance its current representations and warranties insurance for merger and acquisition transactions by providing supplemental coverage for certain political risks which may arise in a number of volatile territories. The program is designed for those transactions where the buyer faces key asset risk, such as loss of extraction rights or operating licenses, or other natural resource risks that pose potential obstacles for completion of the transaction. Pembroke’s cross-divisional M&A program with Political Risk business lines offers necessary protection for buyers and lenders against confiscation, nationalism, and loss of rights to or license of the underlying investment.
IronHealth, the specialty healthcare unit of Ironshore Inc., announced that it will provide capacity of up to $20 million for its Life Sciences business lines, an increase from the current limits of $15 million. Enhanced capacity for product liability coverages will be available for all classes of business within the Life Sciences unit, including pharmaceutical, biotechnological and medical device manufacturing.
Ironshore International is introducing a Property coverage enhancement to its Mergers & Acquisitions business lines. Ironshore’s M&A Property offers buyers’ protection for both on and offshore structured transactions that involve property assets and vehicles. Program cover insures general and tax warranties and can also augment additional layers of protection for title and tax residency risk exposures.
Ironshore International has announced that its Mergers & Acquisitions Unit will enhance insurance coverages to address environmental risks that arise during a transaction. Environmental insurance cover can be integrated into a broader mergers and acquisitions program to protect the insured against existing and future operational risk exposure. Ironshore environmental coverage includes first and third-party exposure for reimbursement of cleanup and remuneration costs, and third-party liabilities arising from damage surrounding sudden, accidental and gradual pollution incidents. Ironshore’s M&A environmental program insures warranty risk, reflecting the operational and historic risks of the designated business entity.
Ironshore Inc. is expanding its capabilities for Architects and Engineers, offering project specific policies for contractor design firms. Valerie Onderka has been hired to lead this initiative and will underwrite project specific policies, as well as professional liability policies for contractor design firms with the collaborative, specialized expertise of Ironshore’s U.S. Specialty Casualty unit and IronPro, its professional liability management unit.
Ironshore Inc. (“Ironshore”) and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun”) announced today that they have entered into a definitive agreement for Fosun to purchase ordinary shares of Ironshore that would represent 20% of Ironshore’s total outstanding ordinary shares on a fully diluted basis. Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding ordinary shares from existing shareholders, including existing long-term private equity shareholders. After giving effect to Fosun’s equity purchase and Ironshore’s use of proceeds, Fosun will be the largest shareholder of Ironshore.
Ironshore Inc. is pleased to announce the addition of Hamilton Re as a subscribing insurer to the Iron-Starr Excess Agency Ltd. (Iron-Starr). Iron-Starr currently underwrites on behalf of Ironshore Insurance Ltd. (IIL) and Starr Insurance & Reinsurance Limited (SIRL). With the addition of Hamilton Re, Iron-Starr will be able to offer increased capacity for the full suite of Iron-Starr insurance products across Casualty, Financial Lines and Healthcare.
Ironshore International announced the opening of an office in Hong Kong to build upon the company’s presence in the Asia-Pacific region. Melody Qian has been named General Manager, Ironshore Hong Kong Ltd., to lead the initiative. The addition of the Ironshore Hong Kong office demonstrates Ironshore’s commitment to the Asian market, focusing on North Asia, China, Japan, and South Korea. Melody will report to Chen Dai, Head of Asia, Ironshore International, who is based in the company’s Singapore office, which was established in 2012.
Ironshore Inc. is pleased to announce the appointment of Norbert Kruger as Regional Manager of Surety for Latin America and the Caribbean. Mr. Kruger will join the Latin America team, based in Miami, Florida, and also will be a member of Ironshore’s global surety team to help leverage Ironshore’s growing surety capabilities in Latin America.
Ironshore’s Personal Lines unit now offers an endorsement option for personal watercraft coverage for high net worth insured homeowners. Ironshore’s watercraft program provides “All Risk” coverage for watercraft, including jet skis and boats.
IronHealth, the specialty healthcare unit of Ironshore Inc., has enhanced its Healthcare Professional Liability (HPL) insurance product, increasing limits to $50 million and broadening the scope of coverage to address the emerging exposures healthcare organizations are facing in a post-healthcare reform environment.
Ironshore Inc. has announced plans to create a Small & Medium Enterprise initiative that will target small and middle market size risks in the commercial insurance sector. Ironshore is in the process of enhancing program offerings by developing a technology- driven distribution platform to provide decision makers with an accessible, streamlined approach for comparing and securing insurance coverage specific to small and middle market business exposures. Ironshore’s new initiative will be led by Erin Calvey, Executive Vice President, responsible for the strategic development and management of the SME platform, reporting to Shaun Kelly, President and Chief Executive Officer of Ironshore U.S. Operations.
Ironshore Specialty Casualty, the specialty insurance unit of Ironshore Inc., has expanded its crisis management coverage to include a product recall enhancement for product manufacturers. Ironshore’s “Crisis ThreeSixty” (with Recall Reimbursement Expense) offers a crisis management feature to assist clients in providing an effective response to the circumstances surrounding the potential impact of a product recall.
Ironshore’s Personal Lines unit has expanded coverages available for high net worth insured homeowners. Ironshore clients can now obtain an endorsement for itemized fine art, jewelry, private collections, and other personal valuables. Ironshore’s ‘personal articles floater’ is available to homeowner insureds with primary coverage on properties valued at $1 million or more in selected states nationwide. Fine art collections and valuables are available for limits of up to $40 million and are underwritten on an “all risk” basis. This coverage does not have a deductible and also offers agreed value settlement options.
Ironshore’s Personal Lines unit has expanded property coverage protection for high net worth homeowners. Ironshore will offer a primary flood option as part of its homeowners insurance for properties valued at $1 million or more in selected states nationwide.
Ironshore Energy Property announced an increase in capacity to $25 million for energy risks throughout its global platform. This increase in capacity is available across all classes within the energy sector, including refineries, petrochemical plants, chemical plants, gas plants, pipelines, terminals, mining risks, alternative energy, power utilities, basic metal, and pulp and paper facilities.
Ironshore Inc. announced the expansion of its industry leadership structure to address select, industry-specific insurance market risk with the addition of a new global practice focused on Financial Institutions. Christopher Brown of Ironshore’s Pembroke Managing Agency, based in London, has been named Practice Leader for the Financial Institutions’ industry sector. Mr. Brown will be responsible for developing integrated insurance solutions for the sector in concert with Ironshore’s dedicated team of underwriting specialists.
Ironshore Inc. announces the formation of a Group Executive Leadership Committee that is charged with formulating strategic direction to chart the vision for continued growth and enhanced performance of its group of companies throughout the global platform. The Executive Leadership Committee will act as an aligned strategic group to address the short and longer-term issues surrounding business prioritization, organizational development and improvement initiatives.
IronPro, the U.S. professional and management liability unit of Ironshore Inc., announced that it will enter the Fidelity & Crime Insurance market with product capacity limits available of up to $30 million. Kevin Finn has been named IronPro’s Fidelity & Crime Product Manager, responsible for managing the underwriting of all lines of business related to employee theft and other crime-related perils. He will report to Thomas F. Leahy, Executive Vice President of IronPro.
Ironshore Inc. announced its entry into high end pleasure craft, yachts and mega yachts on a global basis. James G. Bishop, Jr., with more than 25 years of maritime experience, has been named to lead the unit that will provide cover for boats, yachts, luxury yachts and mega yachts and support Ironshore’s Personal Lines business for high net worth homeowners. Mr. Bishop will be based out of Ironshore’s new office in Tampa, Florida and report to David Frediani, President of Ironshore International.
IronPro, the professional and management liability unit of Ironshore Inc., is introducing a network security and privacy breach endorsement, which can be added to its Lawyers Professional Liability (LPL) program. This new endorsement provides reimbursement for expenses incurred as a direct result of privacy or network security wrongful acts with aggregate limits of up to $100,000 per incident
Ironshore Inc. announced the appointment of James Dover as Senior Vice President of the Terrorism and Sabotage insurance practice, to be based in New York. With more than 20 years of industry experience, Mr. Dover is credited with building dedicated teams to provide terrorism risk and insurance coverages for customers, insurance carriers and intermediaries within the U.S. He will report to Quentin Prebble, Director, Marine Practice of Ironshore’s Pembroke Managing Agency Limited, based in London, which includes Cargo, War & Terrorism and Political Risk.
Ironshore International has appointed Chris Horton to a new position as Director of Underwriting for U.S. Liability risks, including Specialty Casualty, IronPro, IronHealth and Environmental business lines.
Ironshore Inc. has named Christian Haucke as Branch Executive of the Mountain West Region to lead development efforts in the newly established Denver office. Ironshore’s Mountain West Region serves clients within the states of Colorado, Utah, Wyoming and Montana. He will report to Adam Witten, Regional Executive of the Western Region.
Ironshore’s U.S. Specialty Casualty unit is offering a coverage solution for U.S.-based companies with overseas operational risk exposure. Ironshore International Connect will provide excess casualty coverage for U.S. companies’ overseas operations on a locally-admitted basis, which is designed to be compliant with market rules and regulations.
Ironshore Inc. (“Ironshore”) announced today that its U.S. insurance subsidiaries have been included on the U.S. Department of Treasury’s Listing of Approved Sureties. Ironshore Indemnity Inc. has been approved to provide surety bonds of up to $12.37 million per bond, while Ironshore Specialty Insurance Company has been approved to provide surety for up to $30.97 million per surety bond. The companies intend to utilize reinsurance, co-surety and other permitted methods to combine their capacity to write surety business in all 50 states and Washington D.C. under the IronBond brand.
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.