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Bermuda insurer gets OK to operate in S. Carolina

Posted On: May. 16, 2007 12:00 AM CST

HAMILTON, Bermuda--Newly established Ironshore Insurance Ltd. has received approval to write excess and surplus lines business in South Carolina.

"We can create a win-win relationship with insurance companies to provide much needed disaster protection for our commercial risks by creating an environment open to new capacity," said Scott H. Richardson, insurance director for South Carolina, in a statement.

Hamilton, Bermuda-based Ironshore plans to offer commercial property and condominium coverages to coastal-exposed businesses statewide.

Ironshore--which began operations in January 2007--is largely writing U.S. business on a self-procured basis. "This approval gains us the ability to work directly on a surplus lines basis in South Carolina, whereas previously we only wrote on a self-procured basis dealing with brokers in Bermuda or London," a spokesman for Ironshore said in an e-mail.

"We're pursuing approvals for all 50 states, with some of the Gulf Coast states taking top priority," the spokesman said.