Ironshore Incorporated is to begin underwriting specialty lines of insurance through its Bermuda-based insurance subsidiary, Ironshore Insurance, following the announcement that it has successfully raised over $1bn.
Initially, Ironshore will write a worldwide book of property business, and will focus on commercial risks with wind exposures in catastrophe-prone coastal states such as Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Texas, as well as the Caribbean and Yucatan Peninsula. Ironshore will also provide commercial earthquake coverage in California.
Ironshore will be led by Robert Deutsch as chief executive and Leslie Rock as president and chief underwriting officer. Deutsch has worked in the insurance industry for 25 years, having served in leading roles with two major insurance companies. Rock is a leading property underwriter at Lloyd's, having served as chief property underwriter for three of its leading property syndicates over the past 25 years.
Ironshore's leadership team also includes Mitchell Blaser, most recently the CFO of Swiss Re America and Marsh Incorporated, who has been appointed chief financial officer.
"In the wake of Hurricane Katrina and other notable catastrophic events over the past two years, tens of billions of dollars have flowed into the reinsurance sector, but to date, permanent, adequate capacity has not been established on the insurance side," stated Deutsch. "Ironshore is very pleased to be able to provide significant new insurance capacity with a substantial, unencumbered capital base and a proven, strong management team."
The founders of Ironshore are Robert Clements and John Clements through their investment vehicle, Tara Partners Fund LLC, and Ironshore management.
