Bermuda-based insurer Ironshore has formed a joint venture with Maurice (Hank) Greenberg's CV Starr & Co., Inc. to create Iron-Starr Excess Agency Ltd.

Iron-Starr Excess will act as a specialty lines insurance and reinsurance managing general agency, domiciled in Bermuda. Iron-Starr Excess will write catastrophic excess casualty insurance products, targeting Fortune 2000 and other clients purchasing cat excess coverages. Policy limits up to $75 million will be issued.

"This partnership enables Ironshore to enter the excess casualty market with additional backing and support to offer larger limits, consistent with the needs of our clients," said Ironshore chief executive officer Kevin Kelley.

"We look forward to developing a long-standing relationship with CV Starr and are excited about this new venture. This arrangement will assure customers that during these challenging times, they have a syndicated alternative that understands their needs and have the experience to be a long-term solution."

Ironshore has expanded rapidly since opening its doors in early 2007 with around $1 billion in capital. Mr. Greenberg, former CEO of AIG, is the chairman and CEO of CV Starr. Both companies are privately held.