Bermuda-based Ironshore Insurance Ltd. announced yesterday it has been approved to write property, property catastrophe and casualty insurance on an excess and surplus basis for risks in Florida.

Ironshore, formed late last year and capitalised with $1 billion, is a specialty insurance company.

"There is a great need for the specialty lines coverages we provide in the state, and we're pleased to be accepted as a market solution for the citizens of Florida," Ironshore chief executive officer Robert Deutsch said.

Les Rock, Ironshore's chief underwriting officer, said: "This is a 'win-win' for both Ironshore and Florida business owners. We intend to play an active role in helping to alleviate the ongoing capacity shortage."