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Ironshore to Write Property Insurance at Lloyd's

Source: BestWire Services

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Posted on 22 Oct 2009

Ironshore Inc. said it's received the green light to write direct and facultative property business on behalf of its Pembroke Lloyd's Syndicate effective Oct. 1.

Rod Todd has been named the head of the Pembroke Lloyd's property operation. Before joining Ironshore Bermuda in 2007 as senior vice president and property underwriter, Todd worked at Talbot Underwriting Syndicate and Faraday Syndicate, a wholly owned subsidiary of Gen Re (formerly DP Mann).

"Expansion into the U.K. property market provides Ironshore the ability to further our international reach and product offerings," Mark Wheeler, Pembroke's underwriting director said in a statement issued Oct. 19.

Also, Ironshore said it's promoted Peter Coleman to head of Bermuda property. Coleman joined Ironshore as a senior vice president and property underwriter at the inception of the company in January 2007. Before joining Ironshore, he was a principal of Integro London.

This is the latest expansion of Ironshore, which was launched in 2007, and has been growing rapidly in 2009 in part by hiring ex-American International Group leaders and their teams (BestWire, May 26, 2009).

In December, Kevin Kelley, then-chief executive of AIG's excess and surplus lines carrier Lexington Insurance Co., and Lexington's president, Shaun Kelly, joined Ironshore. Kelley became Ironshore's chief executive, and Kelly is now the chief executive of its U.S. operations and also Ironshore's president, both based in Boston.

In the early days of 2009, the company began to launch new Ironshore units, each headed by the top leadership of AIG and Lexington companies in the same business lines -- environmental, U.S. property, U.S. specialty casualty, and program. More key AIG executives filled other top management slots (BestWire, May 4, 2009).

Ironshore has hired 50 new employees this year, according to the company's AMB Credit Report. In August, Ironshore Inc. raised $300 million to support the continued expansion of the company's specialty insurance business (BestWire, Aug. 31, 2009).

Ironshore's operating companies currently have a Best's Financial Strength Rating of A- (Excellent).


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