Iron-Starr and Ocil partnership expands
Ironshore Inc has expanded its partnership between Bermudian-based Iron-Starr Excess Agency Ltd with Oil Casualty Insurance Ltd to underwrite property lines.
Iron-Starr has underwritten coverages on behalf of Ocil, a subscribing insurer for financial lines since 2016.
In a statement, Ironshore said the broadened relationship with Ocil will enable Iron-Starr to deliver an increase in syndicated capacity for commercial property risks, including natural catastrophe perils, within the Bermuda market.
Ian Smith, Ironshore senior vice-president and head of Bermuda Property, said: “Iron-Starr's newest agreement with Ocil strengthens our capabilities for delivering greater capacity for commercial property lines, where we have seen growing demand in the Bermuda marketplace. We are pleased to incorporate property risk within Iron-Starr's increasingly diverse product portfolio.”
Ocil's expanded relationship with Iron-Starr will focus on further building its presence in the direct & facultative property insurance sector. Iron-Starr is authorised to underwrite D&F insurance with limits separate and distinct from coverage offered directly by Ocil's property team, led by Rolf Fischer.
Jerry Rivers, chief operating officer of Bermudian-based Ocil, noted the longevity and strength of its relationship with both Ironshore and Iron-Starr.
He said: “Our partnership allows us to tap into Ironshore's underwriting expertise, technological efficiencies and production sources, thereby extending our goal to diversify the Ocil business portfolio.”