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HAMILTON, BermudaIronshore Inc. has raised more than $1 billion through a private share placement and will begin underwriting specialty insurance with immediate effect through its subsidiary Ironshore Insurance Ltd., it announced.
Ironshore was created "in response to the crisis conditions in the United States property catastrophe insurance markets," the company said in a statement.
Initially, Ironshore will underwrite a worldwide book of property business, largely focusing on wind exposures in catastrophe-prone U.S. coastal states, as well as the Caribbean and the Yucatán Peninsula. It also will write commercial earthquake coverage in California.
Separately, London-based Advent Capital (Holdings) P.L.C. said its Bermuda-based unit Advent Re has received a reinsurance license from the Bermuda Monetary Authority.