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Member, Beacon International Group, Ltd.
A.M. Best Co. Inc. on Tuesday said it has upgraded two ratings for several units of Hamilton, Bermuda-based insurer Ironshore Inc.
Oldwick, N.J.-based Best upgraded the financial strength rating to A from A- and the issuer credit ratings to a from a- for Ironshore Insurance Ltd. and its affiliated operating companies, Ironshore Indemnity Inc., Ironshore Specialty Insurance Co. and Ironshore Europe Ltd., the ratings firm said in a statement.
“The rating upgrades reflect Ironshore’s strong risk-adjusted capitalization, enhanced business profile as a specialty casualty underwriter and highly experienced management team,” Best said in the statement. “The organization has made notable progress regarding the build-out and transformation of its franchise under the current management.”
Additionally, Best credited Ironshore’s ability to attract highly qualified insurance professionals to add depth to the organization. “Qualitatively, in recent years the company has made durable progress across numerous facets of the organization, which prospectively should solidify its position as a leading market for risk managers and major brokers in specialty insurance classes,” Best said in the statement.
Ironshore Inc.’s Lloyd’s of London syndicate, Pembroke syndicate 4000, has been granted authority by the Japanese Financial Services Authority to underwrite warranties and representation coverage through Lloyd’s Japan.