Ironshore

Last updated
Ironshore
Company 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]

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References

  1. ↑ "Ironshore, Inc.: Private Company Information - Businessweek". Investing.businessweek.com. Archived from the original on March 2, 2009. Retrieved 2013-06-17.
  2. ↑ Vizer, Alex (2010-07-31). "New Brand, New Legacy | Canadian Insurance". Citopbroker.com. Archived from the original on January 28, 2012. 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. Archived from the original on July 1, 2013. Retrieved 2013-06-17.{{cite web}}: CS1 maint: unfit URL (link)
  14. ↑ "Kelley's mettle | IQ". Insiderquarterly.com. Archived from the original on July 1, 2013. 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. Archived from the original on March 4, 2016. Retrieved 2013-06-17.{{cite web}}: CS1 maint: unfit URL (link)
  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.
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