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Ironshore sets up Bermuda center for new property energy coverages

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HAMILTON, Bermuda—Ironshore Inc.’s Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., has been designated the insurer’s center for energy to consolidate all new property energy underwriting in one location, the company said Friday.

The operation will be headed by Executive Vp Peter Coleman, Ironshore said in a statement.

Property energy coverage for existing and renewal insurance outside Bermuda will continue to be provided and serviced by Ironshore insurers in the United States and elsewhere.

“Property energy business has increasingly become a global corporate risk that requires prudent, holistic underwriting by a dedicated team of insurance market experts,” Tony Mammolite, New York-based Ironshore’s global head of worldwide property, said in a statement. “The creation of the Bermuda center for energy will enable Ironshore to oversee new property energy business in one central location, thereby better serving the needs of our clients throughout our various global platforms.”

The company said its Ironshore property energy unit provides comprehensive coverage for commercial risks across virtually all classes within the special sector, including alternative energy, basic metals and glass, chemicals, onshore drilling, electric utilities, among others.

Its property energy insurance policies can provide up to $25 million in capacity.