Ironshore brand expands after Liberty deal
Liberty Mutual Insurance has completed its acquisition of Ironshore Inc, and announced an expansion of the Ironshore brand in the US.
There are no announced changes to Ironshore's operations in Bermuda as a result of the $3 billion deal.
Liberty Mutual bought Ironshore from Shanghai-based Fosun International. The transaction has created a global speciality business with about $6.5 billion in net written premium.
In a statement, Liberty Mutual said: “Ironshore's existing international businesses, including its Lloyd's syndicate operation (Pembroke) and Bermuda platform, will continue to operate with its existing management team, business strategy and Ironshore brand.”
Mitch Blaser will continue as Ironshore's chief operations officer and CEO of Ironshore Bermuda and IronServe, while Mark Wheeler, remains CEO of Ironshore International.
As it announced the completion of the acquisition, Liberty Mutual said it was combining its existing Liberty International Underwriters US business and Ironshore's US speciality lines business. They will be combined under the Ironshore brand, creating the sixth largest writer of excess and surplus lines in the US, based on direct written premium last year.
The combined organisation will be led by Shaun Kelly, president of Ironshore.
David Long, CEO of Liberty Mutual Insurance, said: “The combination of our two operations will create a top tier US speciality insurer with a broad and deep set of solutions for clients and brokers.
“For Liberty's worldwide operations, Ironshore becomes an ideal complement to our $5 billion global speciality business by providing additional scale, expertise, innovation and market relationships.”
Kevin Kelley will continue as CEO of Ironshore. He said: “Ironshore's profitable speciality lines business will further bolster Liberty Mutual's speciality markets platform, while Liberty Mutual's strong balance sheet presents Ironshore opportunities to innovate additional product lines and to access greater insurance underwriting capacity.
“Ironshore looks forward to working with the Liberty Mutual family as we expand upon our speciality classes of business and heighten our established corporate brand in markets worldwide.
“Liberty Mutual's global reach and admirable reputation offer Ironshore deeper resources to drive strategic growth.”
Ironshore was founded in 2006. It has about 800 employees globally, with major hubs in Bermuda, London and New York. Last year it had gross premiums written of $2.2 billion.
Liberty Mutual employs more than 50,000 people around the world and had annual consolidated revenue of $38.3 billion at the end of 2016.