Ironshore receives A- from Best

HAMILTON, Bermuda—Ironshore Insurance Ltd., the operating unit of new property insurer Ironshore Ltd., has attained an A- rating from A.M. Best Co. Inc.

Ironshore—which is capitalized with more than $1 billion—is a Class 4 Bermuda insurer focused on broker-sourced commercial property coverage. It is initially concentrating on writing catastrophe-exposed risks in the Gulf region of the United States.

In a statement, Oldwick, N.J.-based Best said the A- rating reflects "Ironshore's solid capitalization, conservative business plan and an experienced and highly regarded management team."

The rating agency noted, however, that it "anticipates that Ironshore will be challenged by increased competition from both established excess and surplus companies and possibly from recent start-ups entering its targeted markets as a result of the recent Florida insurance legislation."