Ironshore Inc. announces that its Pembroke Managing Agency (Pembroke) has been granted “in principle” approval by the Lloyd’s Franchise Board to create GIC Re’s Syndicate at Lloyd’s.
The combination of Pembroke’s specialty lines underwriting capability and GIC Re’s regional expertise will create mutually beneficial development opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market. Pembroke is a specialist provider of Lloyd's managing agency services to third parties and has a proven track record of guiding new entrants through the Lloyd’s approval process. GIC Re is ranked 12th amongst the top 40 global reinsurers, as published by Standard & Poor’s in September 2017. GIC Re has an established footprint in the Afro Asian region, where it has been operating for over 45 years.
Ironshore Inc. announces that Richard Yeoman has been appointed Branch Executive for the Dallas region, effective January 2018. He assumes the role from Ben Johnson, who is pursuing a new opportunity within the organization. Mr. Yeoman will lead the marketing and distribution efforts for the Dallas market, reporting to Ron Gleason, Regional Executive for the South Central region.
Ironshore Inc. announces the retirement of industry veteran Joseph L. Boren as of year-end 2017. Mr. Boren’s role as President of U.S. Field Operations will be assumed by David R. Frediani, currently President of Ironshore International and Head of Regional Distribution.
Ironshore Inc. has announced the appointment of Kristin McMahon as Head of Global Claims, effective immediately. She assumes the role from Mike Mitrovic following his recent departure from the company. In her new role, Ms. McMahon will have global responsibility for claims management oversight and litigation management services, reporting to Shaun E. Kelly, President of Ironshore Inc.
Ironshore Inc. is announcing that Toby Smith has been appointed President of Ironshore Environmental. He assumes the role from John O’Brien following his recent departure from the company. Mr. Smith will lead the global environmental unit, reporting to Shaun E. Kelly, President and Chief Executive Officer of Ironshore’s U.S. Operations.
Ironshore is pleased to announce the appointments of three executives to underwrite Specialty Casualty risk in U.S. and London markets. Iron-Excess, the excess underwriting unit of Ironshore Insurance Services LLC formed in September 2017, has named Sonny Powers to lead the Iron-Excess Casualty unit in the U.S. Owen Roddy and Oliver Ross will drive business growth for the Iron-Excess Casualty unit in the London market. They will report to Steve Horton, Head of Iron-Excess.
Ironshore Inc. has named company executive Kristin D. McMahon, Esq. as Head of U.S. Claims, effective immediately. Prior to the appointment, Ms. McMahon served as Chief Claims Officer of IronHealth, the specialty healthcare unit, and more recently assumed underwriting oversight as President of IronHealth’s liability and regulatory lines. In the new role, she will be responsible for claims management oversight and litigation management services for all Ironshore specialty business lines within the U.S., including health, reporting to Mike Mitrovic, Head of Global Claims for Ironshore Inc.
Ironshore Insurance Ltd., Singapore Branch, announces increase in capacity for Political Risk business lines within the Political Risk & Trade Credit unit. Available capacity now stands at $50 million (USD), an increase from $15 million (USD), effective immediately. In addition, Ironshore is expanding its Political Risk & Trade Credit team in Singapore with the appointment of Sam Lim to serve as Underwriter, Political Risk & Trade Credit, Asia Pacific, reporting to Boo Hui Yun, Managing Director, Ironshore Asia Pacific. Mr. Lim joins Ironshore from AIG.
Ironshore Hong Kong introduces a specialty professional lines product that offers protection for After-the-Event Legal Expenses to mitigate commercial litigation loss exposure. Ironshore Professional Lines unit will provide coverage for parties subject to expense losses following commercial litigation action. After-the-Event insurance cover will be underwritten through Ironshore Hong Kong Ltd.
Ironshore Inc. announces the appointments of Ian Smith to assume the role of Senior Vice President, Head of Bermuda Property, and Shane Rozario to serve as the Chief Operating Officer, Bermuda Property. Both Mr. Smith and Mr. Rozario will broaden their current underwriting responsibilities to lead the Bermuda team to bolster the diverse property portfolio established with the initial launch of Ironshore in 2007.
The dedicated construction practices of Liberty Mutual and Ironshore have introduced an Integrated Primary Wrap Up/Project Specific program offering General Liability (GL) and Professional Liability (PL) protection for medium and large construction projects developed through Design-Build or Integrated Project Delivery (IPD). Workers Compensation (WC) coverage will be available as a separate policy.
Ironshore Inc. has announced the launch of a Computer Emergency Response Team (CERT) to manage cyber claims across all product lines. CERT-Ironshore is a dedicated computer response team compromised of cyber claims coordinators representing each specialty lines division. Howard Panensky will serve as Director of CERT-Ironshore, reporting to Mike Mitrovic, Ironshore Global Claims Officer.
Ironshore Insurance Ltd, Singapore Branch, introduces a specialty professional lines product that offers protection for After-the-Event Legal Expenses to mitigate commercial litigation loss exposure. Ironshore Insurance Ltd, Singapore Branch will provide coverage for parties subject to expense losses following commercial litigation action.
Ironshore’s Pembroke Managing Agency Ltd. has launched a Project Cargo Consortium to serve the Lloyd’s China platform. Pembroke Lloyd’s Syndicate 4000 offers dedicated coverage for risk exposure and consequential loss related to project cargo transportation and delay in start-up for large scale project risks triggered by China’s Belt and Road Initiative. The new Project Cargo Consortium offers capacity limits of up to $178 million (USD). Tracy Ma, Pembroke Underwriting Manager, Lloyd’s Insurance Company China, will lead project cargo underwriting for the Lloyd’s China Platform, based in Shanghai. Ms. Ma will work in cooperation with Andrew Corton, Global Head of Marine Cargo, based in London.
Please see the attached press release for more information
Today, Ironshore International announces the appointment of Krishnan Ethirajan to serve in the additional role as Chief Operating Officer of Ironshore International. Mr. Ethirajan currently is the Chief Operations Officer of IronServe Inc., a global operations unit delivering a range of specialized underwriting, finance and technological support throughout Ironshore’s platform worldwide. He will retain his IronServe role as part of and in addition to Ironshore International Chief Operating Officer.
Please see the attached press release for more information.
Ironshore International's Pembroke Managing Agency Limited names treaty property leaders to join the Patria Re underwriting team. Nicolas Benardout has been appointed Divisional Director and Jack Bunting as Assistant Underwriter for Patria Re's International Property Treaty business lines. Pembroke serves as the third-party managing agent for Patria Re, a Lloyd's approved Special Purpose Arrangement (SPA) underwriting a global insurance and reinsurance portfolio.
Ironshore International’s Mergers & Acquisitions and Tax Insurance unit announces the opening of an office in Frankfurt, Germany through Ironshore Agency Ltd to expand its European presence. Ironshore M&A and Tax specialists underwrite specialty coverages for complex transactional risk throughout its global platform, including Warranty & Indemnity as well as Tax Liability Insurance programs. Ironshore International has named Markus Messinger and Daniel Müller to lead the Frankfurt operation, serving German private equity and investment bank clients.
Ironshore’s Mergers & Acquisitions and Tax unit has updated its transactional liability product to address regulatory risks in the healthcare sector. Ironshore now offers a single limit and single retention coverage policy to meet client demand for streamlined liability coverage for healthcare transactions. Capacity limits of up to $100 million are available for transactional liability risks, with extended limits for select circumstances.
Ironshore International has named William Lewis to Managing Director of Ironshore Australia Pty Limited (IAPL) to be based in the Sydney office. Mr. Lewis, a private equity attorney, is a specialist in private equity transactions, tax structuring and insurance, advising private equity firms in London, Australia and New Zealand. Prior to the appointment, Mr. Lewis was Head of Mergers and Acquisitions, Ironshore Asia Pacific, responsible for overseeing M&A business lines throughout the region, including Sydney, Singapore, Hong Kong and Tokyo. He reports to Hui Yun Boo, Managing Director, Ironshore Asia Pacific.
Ironshore Inc. announced the appointment of Russell Fisher as Vice President of Political Risk and Trade Credit to underwrite European business lines, based in London. Mr. Fisher has more than 20 years’ experience as a specialist in trade credit and risk analysis for international finance and trade credit markets. He will report to Don Asadorian, Senior Vice President of Political Risks and Trade Credit, within Ironshore’s global Political Risk platform.
Ironshore International’s Mergers & Acquisitions and Tax Insurance unit has enhanced its consortium programs to meet client and broker demand for larger, streamlined, limits for this class of dedicated specialty coverage. Ironshore will increase its Mergers & Acquisitions Consortium capacity to £100 million, up from its current limit of £78.5 million, effective immediately. The specialty unit is also announcing a new Tax Consortium with initial capacity of £40 million. Both Consortia will be able to write in combination with Ironshore’s Bermudian platform for global risks in order to further increase total available capacity. This will allow Ironshore to provide total M&A capacity of up to £150 million and total Tax Insurance capacity of up to £65 million on any one risk.
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.