Ironshore Explained

Ironshore
Type:Incorporated
Industry:Insurance
Founded:2006
Founder:Robert Clements, John Clements
Areas Served:-->
Key People:Kevin Kelley
Owners:-->
Homepage:-->

Ironshore Inc. provides broker-sourced specialty property and casualty insurance coverages[1] for varying risks on a global basis through its platforms in Australia, Bermuda, Canada, Ireland, Singapore, the United States and the United Kingdom.[2] [3] [4] [5] On December 5, 2016, it was announced that Ironshore will be sold to Liberty Mutual in a $3 billion transaction.[6]

History

The company was founded in 2006, with more than $1 billion in equity, by Robert Clements and his son John Clements, two long-time insurance investors.[7] [8] [9]

Ironshore named Kevin Kelley as CEO in December 2008.[10] [11] [12] [13] Kelley had been the longtime CEO of Lexington Insurance, which became the largest excess and surplus lines insurer in the world under his leadership.[14] Shaun Kelly resigned as president and Chief Operating Officer of Lexington and was appointed chief executive officer of U.S. Operations for Ironshore.[15] During 2015, Ironshore acquired Dubai-based MGA, Visionary underwriting Agency Ltd, a Lloyd's Coverholders founded in 2010 by David Austin.

Operations

The company's product lines include Aviation, Environmental,[16] [17] IronBuilt, IronHealth,[18] IronPro, Marine Re, Personal Lines,[19] Political Risk,[20] Ironshore Programs,[21] and U.S. Property and Specialty Casualty.[22]

The Ironshore group of companies is rated A (Excellent) by A.M. Best with a Financial Size Category of XIV. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s with a market rating of A (Excellent) from A.M. Best and A+ from both Standard and Poor’s and Fitch Group. A.M. Best announced in 2012 a revised rating outlook to "Positive" for Ironshore and its subsidiaries.[23] [24]

On 29 June 2020, Ironshore Pharmaceuticals Inc. ('Ironshore'), a wholly owned affiliate of Highland Therapeutics Inc., confirmed the publication in the Field of Clinical Psychopharmacology of an original paper outlining a concept that could promote the dose optimisation of JORNAY PM® (methylphenidate HCl) extended-release capsules CII. In August 2018, the US Food and Drug Administration (FDA) licensed JORNAY PM to treat ADHD in children 6 years of age and older.[25]

Notes and References

  1. Web site: Ironshore, Inc.: Private Company Information - Businessweek . https://web.archive.org/web/20090302094143/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=30942073 . dead . March 2, 2009 . Investing.businessweek.com . 2013-06-17.
  2. Web site: Alex . Vizer . New Brand, New Legacy | Canadian Insurance . Citopbroker.com . 2010-07-31 . 2013-06-17.
  3. Web site: Marcia . Breen . Ironshore makes European appointments | Bermuda Re-Insurance . Royalgazette.com . 2012-07-16 . 2013-06-17.
  4. Web site: Advisen FPN . Fpn.advisen.com . 1980-01-01 . 2013-06-17.
  5. Web site: Ironshore sets up Bermuda center for new property energy coverages . Business Insurance . January 20, 2012 . July 1, 2013 . Judy . Greenwald.
  6. News: Liberty Mutual to Buy Fosun's Ironshore for About $3 Billion. Bloomberg.com. 2016-12-05.
  7. Web site: Ironshore Goes Big | Risk & Insurance . Riskandinsurance.com . 2009-01-09 . 2013-06-17 . https://archive.today/20130701204716/http://www.riskandinsurance.com/story.jsp?storyId=163190615 . 2013-07-01 . dead .
  8. http://www.highbeam.com/doc/1G1-157208395.html HighBeam
  9. Web site: Insurance Veteran Robert Clements Dies - WSJ.com . Online.wsj.com . 2010-09-07 . 2013-06-17.
  10. Web site: Former Lexington Insurance CEO Kelley Named CEO at Ironshore . Insurancejournal.com . 2008-12-09 . 2013-06-17.
  11. Web site: Leadership In an Age of Uncertainty . Insurance Journal TV . 2010-10-04 . 2013-06-17.
  12. Web site: Ironman Kevin Kelley: Strength Through Multiple Platforms . Insurancejournal.com . 2009-10-05 . 2013-06-17.
  13. Web site: INTERVIEW: Kevin Kelley – Ironshore Man | Reactions - Global Insurance . Reactionsnet.com . 2010-05-25 . 2013-06-17.
  14. Web site: Kelley's mettle | IQ . Insiderquarterly.com . 2013-06-17.
  15. Web site: AIG's Lexington Loses Another Top Executive as Kelly Joins Ironshore . Insurancejournal.com . 2008-12-10 . 2013-06-17.
  16. Web site: Ironshore launches environmental product | Reactions - Global Insurance . Reactionsnet.com . 2012-01-11 . 2013-06-17.
  17. Web site: Ironshore launches new environmental products for Europe . Insurance Insight . 2013-06-17.
  18. Web site: Insurer Ironshore Launches Division In Simsbury - Hartford Courant . Articles.courant.com . 2008-03-25 . 2013-06-17.
  19. Web site: Ironshore Launches Commercial Crime Coverage Through Pembroke Syndicate . Insurancejournal.com . 2012-07-26 . 2013-06-17.
  20. Web site: Worldwide Uncertainty Highlights Value of Political Risk, Trade Credit Insurance | MyNewMarkets.com Articles about Property Casualty Insurance CoveragesMyNewMarkets.com Articles about Property Casualty Insurance Coverages . Mynewmarkets.com . 2012-07-19 . 2013-06-17.
  21. Web site: Awareness of Cyber Liabilities Increasing but Agent Education is Key to Selling Policies | MyNewMarkets.com Articles about Property Casualty Insurance CoveragesMyNewMarkets.com Articles about Property Casualty Insurance Coverages . Mynewmarkets.com . 2011-05-11 . 2013-06-17.
  22. Web site: Ironshore expands SPILL coverage to oil, gas industries . Business Insurance . March 26, 2012 . July 1, 2013 . Mike . Tsikoudakis.
  23. Web site: A.M. Best Revises Outlook to Positive for Ironshore Inc. and Its Operating Subsidiaries . .ambest.com . 2013-06-17.
  24. Web site: A.M. Best Revises Outlook to Positive for Ironshore Inc. and Its Operating Subsidiaries . https://archive.today/20130701204727/http://www.reuters.com/article/2012/06/11/idUS162426+11-Jun-2012+BW20120611 . dead . 2013-07-01 . Reuters . 2012-06-11 . 2013-06-17.
  25. Web site: 29 June 2020. Ironshore Announces Publication of New Data for JORNAY PM® in the Journal of Clinical Psychopharmacology. 16 July 2020. businesswire.

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