Ironshore has named Anthony J. DeSantis as Chief Executive Officer of Wright & Co, a wholly-owned subsidiary in its U.S. Holdings Group He will be responsible for leading Wright & Co’s existing direct to consumer platform, as well as building upon the small to medium enterprise initiative. He will be based in the company’s Wilmington, Delaware headquarters, reporting to Shaun Kelly, Chief Executive Officer of Ironshore U.S. Operations.
Ironshore International announces a Professional Liability product designed to provide protection for challenging risk exposures within the mining sector worldwide. Ironshore’s dedicated product provides coverage to engineers and consultants engaged in all aspects of the mining process from exploration through planning and construction, operations and closure.
Ironshore Inc. has announced that its Pembroke Managing Agency Limited (Pembroke) and Mexico reinsurance company, Patria Re, have received Lloyd’s approval to establish a Special Purpose Syndicate (SPS). Patria Re will join the Lloyd’s platform in partnership with Pembroke as the first Mexican reinsurer at Lloyd’s, to drive Latin American specialty business lines to the Lloyd’s market, effective for the 2016 Year of Account. Pembroke served as third-party Managing Agent to guide Patria Re through the Lloyd’s New Entrant Assessment process. Christopher Brown, Pembroke’s Third Party Syndicate Director, and Ingrid Carlou, Chief Executive Officer of Patria Re, led the Lloyd’s approval process and will jointly oversee operations.
Ironshore International has announced an expansion strategy to establish a locally-driven presence in selected Continental European markets. Ironshore Agency Limited is opening a Continental European Hub branch office in Cologne, Germany with additional Agency branch offices being launched in Rotterdam, The Netherlands and Zurich, Switzerland by the end of 2015. Ronan Gerety, formerly one of the founding Managing Directors of Catlin Europe SE, has been appointed as Director of Ironshore Agency Limited and will become the local head of Ironshore’s Continental European business activities.
Ironshore International announces the launch of a New Zealand office in Auckland, effective immediately. Ironshore’s New Zealand office will operate as a branch of Ironshore Australia, led by Katherine Simmonds, Managing Director of Sydney-based Ironshore. Robert Solloway has been named Asia Pacific Regional Manager, Agriculture, serving in the New Zealand office.
Ironshore International is introducing a hybrid insurance product to protect against loss or damage of works of art in the care custody and control of Museums and Exhibition organizers, as well as personal fine art valuables and collections. Ironshore’s new product offering combines the expertise of its Fine Arts & General Specie and Political Risk underwriting teams. Coverage provides protection against loss due to confiscation and seizure of fine art holdings while on loan to, on display or housed at commercial art institutions resulting from political acts, underwritten as a stand-alone policy or add-on endorsement basis. Customized alignment of Ironshore’s specialty classes of business also offers policy protection for high net worth individuals subject to loss resulting from the seizure of personal fine art belongings by state-owned entities.
Ironshore Inc. (“Ironshore”) and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun”) announced today that Fosun has completed the acquisition of the remaining 80% equity interest in Ironshore.
Ironshore Inc. has named Emily C. Merola as Branch Executive of the Western Pennsylvania and West Virginia region to lead development efforts in the newly established Pittsburgh office. Ms. Merola will be responsible for distribution marketing and product development for commercial lines, reporting to Kevin J. Fee, Regional Executive of the Mid-Atlantic Region.
Ironshore Specialty Casualty has created a new suite of endorsements to address the Products Liability exposure of manufacturers and distributors. Coverage is underwritten on a primary basis with limits available of up to $5 million on an occurrence or claims-made basis. Ironshore’s customized manufacturer-specific endorsements provide coverage for the insureds’ vendors and additional insureds to meet common industry contractual requirements. Most notably, Ironshore's suite of new endorsements provides limited professional liability coverage and Crisis ThreeSixty, a crisis response service with recall reimbursement of up to $150,000 in addition to the primary policy limit.
Ironshore International announces the acquisition of the reinsurance renewal rights to Novae Group’s global agriculture reinsurance portfolio. The transfer is conditional on Lloyd’s approval and is expected to be completed in November 2015. Novae’s team of five Agriculture Reinsurance underwriters will merge with Ironshore’s existing global agriculture business group, led by Catherine Besselman, Ironshore Global Divisional Director, Agribusiness.
IronHealth, the specialty healthcare unit of Ironshore Inc., is announcing the introduction of its “LeadingEdge” policy for hospitals and integrated health care systems. IronHealth has developed the policy in response to the ongoing consolidation and evolution of healthcare business models to extend a solution-based approach to insure emerging liability exposure. “LeadingEdge” is a comprehensive Lead Excess policy with coverage limits up to $15 million, attaching over a minimum $1 million self-insured retention.
Ironshore Inc. has been named Official Insurer for ORACLE TEAM USA for the 35th America’s Cup. Ironshore will provide comprehensive insurance coverage for the team, from the Louis Vuitton America’s Cup World Series Bermuda regatta, taking place Oct. 16-18, 2015, through to the America’s Cup finals in Hamilton, Bermuda in June 2017.
Ironshore Specialty Casualty’s Construction unit is introducing a suite of endorsements for construction projects tailored to meet the liability needs of the sophisticated market participant. Ironshore’s new endorsements are available for wrap (OCIP and CCIP), project specific and owner’s interest developments, providing comprehensive coverage options for project owners, general contractors, joint venture entities and real estate developers. Coverage enhancement options are underwritten on the standard ISO General Liability policy form, with primary limits up to $2 million per occurrence and $4 million on an aggregate basis. With the addition of these coverage enhancements, Ironshore’s global construction industry practice now sets the standard for the discerning customer in this marketplace.
IronHealth, the specialty healthcare unit of Ironshore Inc., has named Daniel R. Nash as Senior Vice President of Field Operations and Business Development, effective immediately. In this newly created position, Mr. Nash will lead IronHealth’s field structure and oversee ongoing distribution strategies to drive business development efforts throughout the Ironshore platform nationwide, reporting to Matt Dolan, President of IronHealth.
Most recently, Mr. Nash served as National Healthcare Practice Leader for Zurich North America.
Volunteers from Ironshore’s New York offices return to Monmouth County to dedicate a day of time and effort to rebuild a family home destroyed by Super Storm Sandy. This is the second project Ironshore and Habitat for Humanity in Monmouth County have partnered on in the last year; in 2014 Ironshore assisted on a project in Union Beach. On August 13, Ironshore will transport 20 volunteers to the shore town of Port Monmouth, N.J., which was severely devastated by Super Storm Sandy in October 2012.
Ironshore International has named Rowan Bamford as its new Global Head of Mergers & Acquisitions and Tax, effective immediately. He will oversee the Mergers & Acquisitions business lines portfolio, as well as the Tax division, throughout Ironshore’s global platform with specialist underwriters located in London, Sydney, Toronto, Singapore and Tokyo. Ironshore International simultaneously announced an increase in capacity for M&A coverages for up to $100 million (USD) for this specialty sector, up from the current limit of $75 million (USD). Mr. Bamford will report to Tim Glover, Underwriting Director, Ironshore International, based in London.
Ironshore Personal Lines to offer a new Umbrella Program for high net worth homeowner insureds, with properties valued in excess of $1 million, as complementary liability coverage for losses due to unforeseen legal actions. Umbrella liability coverage is an essential component of high value property insurance to protect high net worth individuals that are targets of lawsuits with settlements that can exceed the liability limits available on most home, automobile and watercraft policies. Ironshore Personal Lines’ umbrella program provides liability coverage limits of up to $5 million as part of its High Value Homeowner property plan in select states nationwide.
Ironshore Inc. introduces a new boat and yacht insurance program in collaboration with the National Boat Owners Association (NBOA) to be available nationwide. Ironshore Premier Watercraft program, which will be offered exclusively by NBOA, provides comprehensive cover for watercraft valued below $750,000.
Ironshore Personal Lines is introducing a Home and Family Security Endorsement to its High Value Homeowner Program to broaden coverage for losses arising from random attacks or situations impacting high net worth families. Designed to meet the needs of high net worth individuals, the endorsement provides coverage in the event the insured (including family members) experiences a home invasion, carjacking, hijacking, kidnapping, child abduction, stalking or bullying event. Should any such event occur, endorsement coverage will also include death and dismemberment benefits. Offered by Ironshore’s Personal Lines unit, this enhanced coverage endorsement will be available to homeowners insured with primary coverage on properties valued at $1 million or more in select states nationwide.
-New Initiative To Be Led By Toby Smith -
Ironshore Inc. announces the formation of the Chinese Investment Practice Group, building upon its relationship with Fosun International, to identify Chinese investment opportunities in U.S.-based companies and assets. Ironshore’s new initiative is being established to address market outlook projections that foresee Chinese investment in U.S. entities may reach $200 billion per year by 2020.
Ironshore Inc. has named Kevin Whitehead Executive Vice President and Chief Underwriting Officer of the Specialty Casualty unit, effective immediately. He will be responsible for setting underwriting guidelines and strategies for existing and new product lines for Specialty Casualty nationwide. He will be based in the New York office, reporting to Tim McAuliffe, President of Ironshore Specialty Casualty.
Ironshore Inc. has named Edward Mazman to lead the newly-established Real Estate Industry Practice group. Mr. Mazman, based in Boston, will assume the role in addition to his current responsibilities serving as Executive Vice President of the Ironshore U.S. Property unit.
Ironshore has announced that Daniel Owen has been named to serve as Senior Vice President of the Global Property Energy division, effective immediately. Mr. Owen, who joined Ironshore in 2011, is currently Senior Vice President of Global Property Builder’s Risk business lines and will continue in that role.
-Program Offers Exclusive Global Crisis Management Expertise-
Ironshore International introduces enhanced insurance coverage for Kidnap & Ransom risks to protect Latin American based clients against unexpected events. Ironshore’s comprehensive K&R insurance program provides protection against kidnap for ransom, extortion, hijacking, and wrongful detention.
IronHealth, the specialty healthcare unit of Ironshore Inc., announced today the introduction of a program to protect healthcare providers from the financial risks associated with bundled payment contracts.
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 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.
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 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.
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.
Ironshore Specialty Casualty’s Construction unit will offer coverage enhancements through Crisis ThreeSixty. Crisis ThreeSixty is an optional policy endorsement that provides up to $50,000, on a first-dollar-basis for expenses, such as psychological counseling fees, medical, funeral, temporary living or travel expense. In addition, coverage will provide for up to $50,000 for fees or expenses incurred from a crisis management firm, in each such case upon the occurrence of a confirmed crisis management event. Crisis ThreeSixty coverage limits would be above primary coverage policy limits.
IronPro, the professional and management liability unit of Ironshore Inc., has enhanced its Stand-Alone Kidnap & Ransom coverage for U.S.-based corporate entities with global exposure. IronPro is introducing a suite of product offerings with comprehensive terms and conditions to protect corporate executives and their families from exposure to unexpected, harmful events.
IronPro is increasing global cover capacity for limits of up to $25 million (USD), up from the current $5 million (USD) limit.
Ironshore International has announced the appointment of Michael Marino as Senior Vice President, Energy, for Ironshore Canada, reporting to Paul Primiani, Chairman of Ironshore Canada. He will be responsible for expanding specialty business lines for Ironshore’s global suite of products, serving the Oil & Gas, Mining, Chemical and Power Generation sectors. In leading the Canada Energy team, Mr. Marino will be joined by energy underwriter, Anthony Kapsimalis, who will augment the Ironshore Global Energy Property Practice Group, under the leadership of Nigel Jobson, based in New York.
Ironshore Inc. has appointed new leadership for the Miami and New Orleans regions, as announced by Joseph L. Boren, President of U.S. Field Operations. Daniel S. Klask will relocate from New York to oversee Ironshore’s Miami office as Vice President, to advance marketing and product development for commercial lines to regional clients and brokers. Vanessa Phillips has been appointed Vice President, Branch Manager in New Orleans, responsible for broadening distribution of Ironshore specialty business lines throughout the region. Ms. Phillips will report to Ron Gleason, Regional Executive, South Central; Mr. Klask will report to Scott Fitzmaurice, Regional Executive, Southeast.
Ironshore International announced that Hui Yun Boo has been named Managing Director Asia/Pacific and Principal Officer in Singapore, effective March 2, 2015. She will be responsible for overseeing business growth and product development of Ironshore specialty lines in the Asia/Pacific region that spans offices in Singapore, Hong Kong, Tokyo and Sydney, and will report to Mark Wheeler, Chief Executive Officer of Ironshore International.
Ironshore Inc. (“Ironshore”) and Fosun International Limited (HKEx stock code: 00656, together with its subsidiaries, “Fosun”) announced today that Fosun has completed its purchase of ordinary shares of Ironshore representing 20 percent of Ironshore’s total outstanding ordinary shares on a fully diluted basis, pursuant to the previously announced definitive agreement. Ironshore will use all of the proceeds from the share issuance to fund repurchases of outstanding equity from existing equity holders, including existing long-term, private equity shareholders. After giving effect to Fosun’s equity purchase and Ironshore’s repurchase of outstanding equity from existing equity holders, Fosun will become the largest shareholder of Ironshore.
Ironshore International announced the acquisition of Visionary Underwriting Agency based in Dubai, effectively completed in December 2014. Visionary, founded in 2012 by David Austin, is incorporated within the Dubai International Financial Center (DIFC) and is authorized and regulated by the Dubai Financial Services Authority (DFSA). The Ironshore transaction is subject to regulatory approval.
Ironshore International announced the appointment of Leslie Bomford as Senior Vice President of Upstream Energy business lines in the U.S. She will be responsible for underwriting first party upstream energy sector risk, based in Ironshore’s Houston office. Ms. Bomford will report to Paul Calnan, Division Director, 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.