Posted on 21 Aug 11
Ironshore Inc. announced that its Lloyd’s Pembroke Syndicate 4000 has launched a Commercial Crime unit as an expansion of its Financial Lines operations. Sarah Markham has been named Director of the new unit, reporting to Christopher D. Brown, Director and Deputy Underwriter of Pembroke Managing Agency Limited.
Pembroke’s Commercial Crime policy indemnifies the insured organization for losses resulting from both internal and external crime-related threats. The internal threat is primarily as a direct result of misappropriation by one or more employees of corporate assets, cash, stock, funds, and property. In the case of external threat, a third party may identify vulnerabilities in a client’s control processes and circumvent these, leaving the company to face a loss. The cover is designed to address specific crime-related exposures and includes computer crime funds-transfer related fraud.
Recognized as a leading underwriter in this specialty class of business, Ms. Markham most recently served with Chartis Insurance for 17 years, where she spearheaded growth of the commercial crime business lines. She will be responsible for leading the Pembroke initiative to develop and manage the Commercial Crime portfolio throughout Ironshore’s international insurance platform.
“We are thrilled that Sarah has joined the Pembroke team to develop our Commercial Crime capability and complete our product offering to commercial corporate customers,” said Mr. Brown. “Corporations are increasingly demanding protection against criminal acts that typically occur within Treasury and Finance departments and seek comprehensive coverage to provide effective balance sheet protection.”
Pembroke offers a suite of specialty insurance programs that include Professional Liability, Directors & Officers Liability, TRIA Insurance, and Crime. Pembroke’s clients include all sectors of the commercial and financial markets, including commercial banks, asset management firms, hedge fund managers, and investment advisory entities.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its platforms in Bermuda, the U.K, Canada, Ireland and the U.S. The Ironshore group of companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit: www.ironshore.com