Bermuda-based Ironshore has been so busy since it opened in January that it is already considering opening a new office, according to company executives.
The $1bn startup, founded by Robert and John Clements, started writing coastal property catastrophe insurance in the first week of January. However, it received so many calls that the company is already in negotiations to open either a Lloyd's syndicate or London office.
“Doing business out of Lloyd's has numerous advantages,” said Bob Deutsch, chief executive of Ironshore and founder of Executive Risk, a specialist in directors' and officers' liability. “One is that there is a flow of business that goes through London that we don't see in Bermuda. Lloyd's is licensed worldwide so it allows you to do business in many countries.”
Looking to the future, there is even the possibility that the company could set up an American office eventually if they discover that they cannot write everything they need out of Bermuda. “Five years from now I think we will be a specialty company – we don't ever intend on being a standard lines company,” said Deutsch.
