Who is IronHealth?
IronHealth, founded in March 2008, is Ironshore's Healthcare Liability Division, headquartered in Simsbury, CT. The division is lead by a team of experienced industry veterans who have spent the majority of their careers focused on the needs of the healthcare professional liability segment.
Who is Ironshore?
The parent company, Ironshore Inc., is a Cayman Islands company formed in 2006 to provide property and casualty insurance on a global basis. Ironshore provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Through its platform in Bermuda, Ironshore writes property catastrophe and property all-risk coverage for small to mid-size commercial risks. With the launch of IronPro in May 2007, IronBuilt in October 2007 and IronHealth in March 2008, Ironshore's US companies serve the Professional Liability, Construction and Healthcare Liability specialty market sectors.
What are the financial strength ratings for the Ironshore group of companies?
The Ironshore group of companies are currently rated A− (Excellent), financial size XI, by A.M. Best.
Why did the Ironshore companies receive a rating of A− despite more than $1 billion of invested capital?
A.M. Best requires at least 5 years of “seasoning” for any new insurance company to receive any rating higher than A−. We are pleased to have received Best's highest new company rating and have every expectation that we will receive a rating of A or higher as our business matures. In the interim, for those clients who require an A rated carrier, we do have access via a fronting arrangement to A rated paper in most states.
Why enter the market now when prices are softening and there doesn't appear to be a need for additional capacity?
We agree that the market is softening and that brokers have access to a number of different carriers. However, we feel strongly that there is always a need in the market for thoughtful capacity that can develop solutions that are tailored to the needs of a particular segment or, more specifically, to the needs of an individual insured.
What makes IronHealth different from its competitors?
Our experience in the healthcare liability segment has taught us that even in the toughest venues or most challenging circumstances, every broker needs risk transfer solutions that are tailored to a class of business or to a specific account. Our willingness to consider complex individual accounts has led us to develop innovative solutions that can be applied to all of our brokers' clients. In addition, our Complex Risk unit allows us to underwrite and craft coverage terms for circumstances that traditional carriers often decline to address. By applying our underwriting expertise to these complex risks, we often find solutions that not only apply to the specific complex risk at hand but can also be applied to standard risks through product enhancements.
Please refer to our individual product sell sheets for specific coverage features that separate our products from those offered by other carriers today. We will continue to enhance our products over time in order to ensure that you have the best coverage available to meet the needs of your clients.
What type of accounts would be considered by your Complex Risk unit?
Our appetite for Complex Risk submissions is unlimited. If a broker has a “hard-to-place” risk that will consider an alternative risk financing solution, we want to see it. Some examples of the types of risks that might fit this characterization are a healthcare system or skilled nursing facility that is currently in bankruptcy proceedings; a publicly-traded long term care company, or a hospital in a notoriously difficult venue, with a history of severe losses; or any organization that is looking for an alternative to traditional risk transfer products. Almost every broker we have talked with has at least one account that is difficult to place each year; we stand ready to help find solutions for these accounts that work for both the broker and the insured.
What is your appetite for more traditional risks?
We are interested in reviewing all hospital professional, long term care professional and managed care E&O/D&O submissions.
Does IronHealth plan to offer other products in the healthcare segment or other non-healthcare segments?
We are committed to the healthcare industry and will look to identify emerging liability needs of your clients and will look to address them through either enhancements to our existing products or creation of entirely new products. In addition, we will look for unmet needs beyond the healthcare segment to expand our product offerings over time.
What states are you able to write in today?
We currently have writing capabilities in 46 states as well as the District of Columbia, with applications pending in the remaining states. Our biggest gaps currently exist for E&S writing capabilities in California and New York but we anticipate receiving these final approvals within the next 2-4 months.
How will you distribute your products?
We will operate on an open brokerage model for our Hospital Professional and Managed Care E&O/D&O products. For our Long Term Care Professional product, we will be establishing a limited distribution network of select brokers.
Why would you limit the availability of your Long Term Care Professional product to a select group of brokers?
Our goal is to select firms that have shown a commitment to the long term care segment and have demonstrated expertise, commitment to customer service and potential to proactively market our Long Term Care Professional products. This list will include select wholesalers who can provide access to our Long Term Care Professional products for those brokers who are not members of the limited distribution group.
What do I need to do to qualify as a Limited Distribution Partner for your Long Term Care Professional product?
You should contact Matt Wasta, Product Manager of our Long Term Care Professional group, in order to initiate a discussion concerning your firm's commitment to the long term care segment. Please call 860-408-7809 or e-mail Matthew.Wasta@ironshore.com.
What will IronHealth do to protect wholesalers who place business with you when retailers also have access to your products?
We recognize the value that the retail and wholesale distribution channels bring to us and, therefore, are committed to working with both. Based on the feedback that we have received, wholesalers' biggest concern about an open distribution model is that the retailer who places a piece of business with IronHealth through a wholesaler could potentially come direct at renewal. To that end, we will “protect” the wholesaler – we will not permit a retailer to come direct at renewal if the account was originally placed with us through a wholesaler.
What limits are available for each of your products?
We will offer up to $25 million in limits for HPL and Managed Care E&O; for our Long Term Care Professional product, we will offer primary limits of $1M/$3M and excess capacity up to $10 million.
Where should I send submissions?
We have the following options available for you to submit opportunities to IronHealth:
Will you accept a competitor's application?
While we always prefer to receive our own application, we recognize that it would be difficult to have your clients fill out multiple carriers' applications. Therefore, if your client has already completed another carrier's application, we will accept that.
Where can I find copies of your applications, contact information and more details about your products?
Information concerning IronHealth's products, applications and contact information are located on our website (www.ironhealth.com).
What are IronHealth's service standards?
We recognize that every time you recommend a carrier to one of your valued clients, you put your reputation on the line. In order to help you provide the best service available, we will provide the following commitments to you:
- All submissions will be acknowledged within 48 hours of receipt and the name of the assigned underwriter will be provided.
- All policies will be issued within 5 business days from the date that the last subjectivity (if applicable) is received.
- Excess policies will be issued after receipt of the primary policy, but prior to receipt of all underlying policies, provided all underlying binders have been received.
- All claims notices will be acknowledged within 48 hours of receipt, and the assigned claims representative will be provided.
How do I submit a claim or notice of potential claim?
We have the following options available to you to submit claims, notices or requests for loss runs from IronHealth:
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