New Bermuda-based JV target catastrophe excess of $75m
Bermuda-based Ironshore has formed a joint venture with former AIG boss Hank Grenburg’s CV Iron-Starr Excess Agency, write catastrophic excess casualty insurance and reinsurance, targeting Fortune 2000 size companies.
Its policy limit will be $75m (£53m).
“This partnership enables Ironshore to enter the excess casualty market with additional backing and support to offer larger limits, consistent with the needs of these clients,” said Kevin Kelley, Ironshore’s CEO and former AIG executive. “We look forward to developing a long- standing relationship with CV Starr and are excited about this new venture. This arrangement will assure customers that during these challenging times, they have a syndicated alternative that understands their needs and has the experience to be a long-term solution.”
Ironshore’s specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
Reuters reported several AIG defections to the new business. It said:
Shaun Kelly, who has been named chief executive of Ironshore's US operations, Joseph Boren, John O'Brien, Steve England, Jordan Gantz, and Jim Dowdy all left AIG to join Ironshore.
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