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Ironshore boosts limits on public entity product to $25m

Ironshore Specialty Casualty, a unit of Bermuda-based Ironshore Inc, has boosted capacity for its public entity product and will increase available limits from $10 million to $25 million.The capacity may be deployed on a retained limit, excess or reinsurance of public entity pool or captive basis.In a statement releasded yesterday, Ironshore also said it was introducing a new, proprietary public entity policy.In addition to being fully-integrated coverage, the form has been updated to include expanded definitions of insured, incidental medical malpractice and third-party (non-employment) discrimination. The new Public Entity policy, written on an occurrence basis, incorporates several additional enhancements for more comprehensive management of public sector risk.“Since Ironshore’s public entity product and services were introduced over a year ago, the demand for broad insurance protection in response to heightened litigation has grown significantly,” said Susan Kostro, senior vice-president, Ironshore Specialty Casualty.“The availability of increased capacity announced in conjunction with a customised, new policy form designed specifically for this sector is a testament to our commitment in helping public entities manage complex risk.”Ironshore, which opened its doors for business at the start of 2007, has achieved rapid expansion since and has buiilt out a significant US platform, in particular.Chief financial officer Mitch Blaser said the company in an interview with The Royal Gazette last month that the company expects to write around $1.1 billion of premium in 2010 - an increase of more than 40 percent over 2009.