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Ironshore International said Monday it plans to expand in selected European markets by opening Ironshore Agency Ltd. a European hub branch office in Cologne, Germany, with additional agency branch offices being launched in Rotterdam, Netherlands, and Zurich by the end of 2015.
Ironshore Agency Ltd. will underwrite coverage for Ironshore Europe Ltd. and Ironshore's Pembroke Lloyd's Syndicate, Ironshore said in a statement.
Ronan Gerety will serve as director of Ironshore Agency Ltd. and will become the local head of Ironshore's continental European business. Previously, Mr. Gerety was a founding managing director of Catlin Europe S.E., according to the statement.
“The current wave of consolidation sweeping the insurance industry has brought about disruption and uncertainty for Continental European buyers, many of whom are continuing to demand a localized approach to underwriting and assurance of reliable, long-term capacity,” Mark Wheeler, CEO of Ironshore International said in the statement. “Ironshore's European growth initiative builds upon our international strategy of delivering Ironshore specialty portfolio offerings with local jurisdiction expertise, decision making and leadership.”
Ironshore has locations in London and Dublin.
Commercial property program business saw robust growth in 2014, as premium revenue increased 7.3% to $32.30 billion in 2013, according to a study released Thursday by the Target Markets Program Administrators Association.