Ironshore

Last updated
Ironshore
TypeIncorporated
IndustryInsurance
Founded2006
FounderRobert Clements, John Clements
Key people
Kevin Kelley

Ironshore Inc. provides broker-sourced specialty property and casualty insurance coverages [1] for varying risks on a global basis through its platforms in Australia, Bermuda, Canada, Ireland, Singapore, the United States and the United Kingdom. [2] [3] [4] [5] On December 5, 2016, it was announced that Ironshore will be sold to Liberty Mutual in a $3 billion transaction. [6]

Contents

History

The company was founded in 2006, with more than $1 billion in equity, by Robert Clements and his son John Clements, two long-time insurance investors. [7] [8] [9]

Ironshore named Kevin Kelley as CEO in December 2008. [10] [11] [12] [13] Kelley had been the longtime CEO of Lexington Insurance, which became the largest excess and surplus lines insurer in the world under his leadership. [14] Shaun Kelly resigned as president and Chief Operating Officer of Lexington and was appointed chief executive officer of U.S. Operations for Ironshore. [15] During 2015, Ironshore acquired Dubai-based MGA, Visionary underwriting Agency Ltd, a Lloyd's Coverholders founded in 2010 by David Austin.[ citation needed ]

Operations

The company's product lines include Aviation, Environmental, [16] [17] IronBuilt, IronHealth, [18] IronPro, Marine Re, Personal Lines, [19] Political Risk, [20] Ironshore Programs, [21] and U.S. Property and Specialty Casualty. [22]

The Ironshore group of companies is rated A (Excellent) by A.M. Best with a Financial Size Category of XIV. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s with a market rating of A (Excellent) from A.M. Best and A+ from both Standard and Poor’s and Fitch Group. A.M. Best announced in 2012 a revised rating outlook to "Positive" for Ironshore and its subsidiaries. [23] [24]

On 29 June 2020, Ironshore Pharmaceuticals Inc. ('Ironshore'), a wholly owned affiliate of Highland Therapeutics Inc., confirmed the publication in the Field of Clinical Psychopharmacology of an original paper outlining a concept that could promote the dose optimisation of JORNAY PM® (methylphenidate HCl) extended-release capsules CII. In August 2018 the US Food and Drug Administration (FDA) licensed JORNAY PM to treat ADHD in children 6 years of age and older. [25]

Related Research Articles

Home insurance, also commonly called homeowner's insurance, is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.

Chubb Limited, is an American company incorporated in Zürich, Switzerland, is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.

Liberty Mutual American multinational insurance company

Liberty Mutual Group is an American diversified global insurer and the sixth-largest property and casualty insurer in the United States. It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. Based in Boston, Massachusetts, and featuring the Statue of Liberty on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue.

The Travelers Companies American insurance company

The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.

Markel Corporation US financial services company

Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. Headquartered in Richmond, Virginia and founded in 1930, Markel reports its ongoing underwriting operations in three segments, and products originate from three insurance divisions and one reinsurance division. Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.

The Hartford US-based insurance and investment company

The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.

QBE Insurance Group Limited is a general insurance and reinsurance company listed on the Australian Securities Exchange (ASX) and headquartered in Sydney. The company employs more than 11,700 people in over 27 countries.

National General Insurance

National General Insurance, formerly the GMAC Insurance Group is a Winston-Salem, North Carolina-based property and casualty insurance company. The company was founded in 1920. The company is the only insurance company in the United States to originate within the automotive industry.

Verisk Analytics Data Analytics Firm

Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.

Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. By creating their own insurance company, the parent company can reduce their costs, insure difficult risks, have direct access to reinsurance markets, and increase cash flow. When a company creates a captive they are indirectly able to evaluate the risks of subsidiaries, write policies, set premiums and ultimately either return unused funds in the form of profits, or invest them for future claim payouts. Captive insurance companies sometimes insure the risks of the group's customers. This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially while having more control over how they are insured.

CoreLogic American business data company

CoreLogic, Inc. is an Irvine, CA-based corporation providing financial, property, and consumer information, analytics, and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks current and historical trends in a number of categories, including consumer credit, capital markets, real estate, fraud, regulatory compliance, natural hazards, and disaster projections. The company reported full 2020 revenue of $1.6 billion. As of 2021, CoreLogic is a Fortune 1000 company.

Neil C. Krauter is an American commercial insurance industry executive. He owns the privately held Krauter & Company, which has ten offices in the United States as of 2016.

Tokio Millennium Re Ltd. Reinsurance company

Tokio Millennium Re Ltd. is a reinsurance company headquartered in Hamilton, Bermuda with branches in Stamford, Connecticut, USA, Zurich, Switzerland and Sydney, Australia. The lines of business written include property catastrophe, workers compensation and terrorism.

Brian Duperreault American executive

Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He is executive chairman and former CEO of American International Group.

Argo Group

Argo Group International Holdings, Ltd, or Argo Group, is a Bermuda-based international underwriter of specialty insurance products in the property and casualty market. Argo Group and its insurance subsidiaries are rated "A-" by Standard & Poor's. Argo's insurance subsidiaries are rated "A-" by AM Best. In 2017, the San Antonio Express News wrote that "The company has made more than $1 billion in profit over the last decade as a mid-sized player in a niche field insuring complex or hard-to-price risks other insurers won’t touch." Argo was listed on the New York Stock Exchange in May 2018.

Grange Insurance

Grange Mutual Casualty Company, commonly known as Grange Insurance, is an American insurance company based in Columbus, Ohio. Grange market's network is about 3,600 independent agents to offer home, auto, life, and business insurance protection to policyholders. The company, formed in 1935, now operates in 13 states. These states include Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin.

ProSight Specialty Insurance American insurance company

ProSight Specialty Insurance Group, Inc. is a privately owned property and casualty insurance company based in Morristown, New Jersey with offices in Glendale, California; and New York City. ProSight Specialty Insurance is owned by TowerBrook Capital Partners and Further Global Capital Management. As a part of their commercial media and entertainment services, ProSight was reported as insuring the highest-grossing concert of 2012. In October 2017, Pro Sight was downgraded from A to A− Financial Rating.

Peter Zaffino American executive

Peter Zaffino is an insurance industry executive. He is the Chairman and CEO of AIG.

Connect (insurance company) American insurance company, subsidiary of American Family Insurance

Connect is an insurance company located in De Pere, Wisconsin. Connect provides auto, home, condo, renters, umbrella and specialty products. Insurance is underwritten by American Family Connect Property and Casualty Insurance Company and American Family Connect Insurance Company, each a wholly owned subsidiary of American Family Insurance Mutual Holding Company. They also partner with various specialty insurance providers to offer coverage for items such as watercraft, ATVs, recreational vehicles and motorcycles. Connect is an affinity marketer, relying almost entirely on strategic partnerships to reach customers. Partners include Costco Wholesale, and Ameriprise Financial. In 2018, Ameriprise Auto & Home Insurance generated more than $1.1 billion in annual written premium.

Starr Companies

Starr Insurance Companies is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries. Starr is an insurance and investment organization with a presence on six continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products, as well as a range of specialty coverages, including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries — domiciled in the U.S., Bermuda, China, Hong Kong, Singapore, U.K. and Malta — each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a S&P Global Ratings grade of “A+” (Strong).

References

  1. ↑ "Ironshore, Inc.: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2013-06-17.
  2. ↑ Vizer, Alex (2010-07-31). "New Brand, New Legacy | Canadian Insurance". Citopbroker.com. Retrieved 2013-06-17.
  3. ↑ Breen, Marcia (2012-07-16). "Ironshore makes European appointments | Bermuda Re-Insurance". Royalgazette.com. Retrieved 2013-06-17.
  4. ↑ "Advisen FPN". Fpn.advisen.com. 1980-01-01. Retrieved 2013-06-17.
  5. ↑ Greenwald, Judy (January 20, 2012). "Ironshore sets up Bermuda center for new property energy coverages". Business Insurance. Retrieved July 1, 2013.
  6. ↑ "Liberty Mutual to Buy Fosun's Ironshore for About $3 Billion". Bloomberg.com. Retrieved 2016-12-05.
  7. ↑ "Ironshore Goes Big | Risk & Insurance". Riskandinsurance.com. 2009-01-09. Archived from the original on 2013-07-01. Retrieved 2013-06-17.
  8. ↑ HighBeam [ dead link ]
  9. ↑ "Insurance Veteran Robert Clements Dies - WSJ.com". Online.wsj.com. 2010-09-07. Retrieved 2013-06-17.
  10. ↑ "Former Lexington Insurance CEO Kelley Named CEO at Ironshore". Insurancejournal.com. 2008-12-09. Retrieved 2013-06-17.
  11. ↑ "Leadership In an Age of Uncertainty". Insurance Journal TV. 2010-10-04. Retrieved 2013-06-17.
  12. ↑ "Ironman Kevin Kelley: Strength Through Multiple Platforms". Insurancejournal.com. 2009-10-05. Retrieved 2013-06-17.
  13. ↑ "INTERVIEW: Kevin Kelley – Ironshore Man | Reactions - Global Insurance". Reactionsnet.com. 2010-05-25. Retrieved 2013-06-17.
  14. ↑ "Kelley's mettle | IQ". Insiderquarterly.com. Retrieved 2013-06-17.
  15. ↑ "AIG's Lexington Loses Another Top Executive as Kelly Joins Ironshore". Insurancejournal.com. 2008-12-10. Retrieved 2013-06-17.
  16. ↑ "Ironshore launches environmental product | Reactions - Global Insurance". Reactionsnet.com. 2012-01-11. Retrieved 2013-06-17.
  17. ↑ "Ironshore launches new environmental products for Europe". Insurance Insight. Retrieved 2013-06-17.
  18. ↑ "Insurer Ironshore Launches Division In Simsbury - Hartford Courant". Articles.courant.com. 2008-03-25. Retrieved 2013-06-17.
  19. ↑ "Ironshore Launches Commercial Crime Coverage Through Pembroke Syndicate". Insurancejournal.com. 2012-07-26. Retrieved 2013-06-17.
  20. ↑ "Worldwide Uncertainty Highlights Value of Political Risk, Trade Credit Insurance | MyNewMarkets.com Articles about Property Casualty Insurance CoveragesMyNewMarkets.com Articles about Property Casualty Insurance Coverages". Mynewmarkets.com. 2012-07-19. Retrieved 2013-06-17.
  21. ↑ "Awareness of Cyber Liabilities Increasing but Agent Education is Key to Selling Policies | MyNewMarkets.com Articles about Property Casualty Insurance CoveragesMyNewMarkets.com Articles about Property Casualty Insurance Coverages". Mynewmarkets.com. 2011-05-11. Retrieved 2013-06-17.
  22. ↑ Tsikoudakis, Mike (March 26, 2012). "Ironshore expands SPILL coverage to oil, gas industries". Business Insurance. Retrieved July 1, 2013.
  23. ↑ "A.M. Best Revises Outlook to Positive for Ironshore Inc. and Its Operating Subsidiaries". .ambest.com. Retrieved 2013-06-17.
  24. ↑ "A.M. Best Revises Outlook to Positive for Ironshore Inc. and Its Operating Subsidiaries". Reuters. 2012-06-11. Archived from the original on 2013-07-01. Retrieved 2013-06-17.
  25. ↑ "Ironshore Announces Publication of New Data for JORNAY PM® in the Journal of Clinical Psychopharmacology". businesswire. 29 June 2020. Retrieved 16 July 2020.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.