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Member, Beacon International Group, Ltd.
Hamilton, Bermuda-based insurer Ironshore Inc. said on Wednesday that it has purchased a 9.9% equity stake in Lexon Surety Group L.L.C., a Mount Juliet, Tenn.-based insurer that specializes in surety bonds.
Under terms of the deal, Ironshore has the option to increase its ownership stake to 20% of Lexon’s equity in the future, subject to receipt of requisite regulatory approvals.
“Ironshore’s investment today is an integral part of our relationship with Lexon, deepening the ties between our two companies and complementing the previously announced reinsurance and fronting relationship,” Paul S. Giordano, chairman of Ironshore Political Risk, Special Risk and Surety, said in a statement. “Ironshore’s capital will add to Lexon’s financial strength and position Lexon well for future growth.”
According to Ironshore, Lexon writes more than $100 million in direct written premiums annually and is the 12th largest writer of surety bonds in the United States.
IronHealth has partnered with Medical Mutual Insurance Co. of North Carolina to offer a medical professional liability coverage for hospitals and their physicians.