Ironshore Inc. has announced that its wholly-owned subsidiary, Ironshore Holdings (US) Inc., and Rockwood Programs Holdings Inc. have entered into an agreement with Special Agents Mutual Benefit Association to acquire all of the issued and outstanding capital shares of Wright & Co — a company that administers insurance for the FBI.

Headquartered in Arlington, Virginia, Wright & Co. is a programme administrator that has arranged and administered professional liability and employee benefits coverages for US government employees for more than 43 years, focusing on law enforcement personnel, such as employees of the FBI.

Ironshore will be the majority shareholder of Wright & Co. and will appoint a majority of Wright & Co.'s board of directors, including the chairman. It is anticipated that one or more of Ironshore's insurance company subsidiaries will underwrite the professional liability coverage administered by Wright & Co., while personal umbrella lines, life, health, dental and disability insurance coverages will continue to be provided by third party insurance companies.

Rockwood Programs will provide certain services and manage the daily operations of Wright & Co., under the leadership of Glenn Clark, who will serve as president of Wight & Co.

"Our team is thrilled to be partnering with Ironshore," said Mr. Clark. "We know their management well and share their rock solid commitment to profitable growth.

"Wright & Co. gives us an excellent platform to fully utilise our direct marketing skills, back office technology platform, and fifty states licensing to grow the venture."

Shaun Kelly, CEO of Ironshore's US operations, said: "We are very excited about the opportunity to partner with Glenn Clark and Rockwood Programs in this transaction.

"Wright & Co. has offered valued coverages and services to government employees for decades and we look forward to building on this solid relationship in the years ahead."