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NEW YORK--Startup insurance holding company Ironshore Inc. is opening a New York-based professional liability facility headed by former officials of two leading executive liability underwriters.
The new unit, IronPro, is offering up to $25 million of gross limits of directors and officers liability coverage, according to Bob Deutsch, chief executive officer of Caymans Islands-based Ironshore. IronPro has not written any policies, but Mr. Deutsch said it is looking to quote coverage for risks renewing June 1 or later.
Most of the D&O coverage would be written on an admitted basis, he said.
IronPro is a unit of Bermuda-based Ironshore Insurance Ltd., which has an A- financial strength rating from A.M. Best Co. of Oldwick, N.J. Parent company Ironshore Inc. was created in December 2006 with more than $1 billion of equity capital.
As president of IronPro, Greg Flood will head the unit. Most recently, Mr. Flood was executive vp and chief operating officer of National Union Fire Insurance Co., a subsidiary of American International Group Inc. of New York.
In addition, Fred Marra has been appointed vp of operations. Mr. Marra previously was vp of underwriting services at Arch Insurance Group in New York.
Later in the year, IronPro plans to offer other professional liability coverages, such as errors and omissions coverage for lawyers and insurance agents and miscellaneous E&O coverage, according to Mr. Deutsch. The timing on the availability of those coverages will depend on, among other things, when IronPro obtains regulatory approval of forms and secures reinsurance on those lines, Mr. Deutsch said.