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Ironshore Inc. has established a manufacturing industry practice group that will underwrite coverages for traditional manufacturing, with a special focus on advanced sectors involving complex risks such as artificial intelligence, robotics and digital manufacturing tools.
The Hamilton, Bermuda-based insurer said in its statement Wednesday that Toby Smith, who will continue as Ironshore’s executive vice president of Ironshore Environmental, has been named global manufacturing practice leader.
“Artificial intelligence and sophisticated robotics promise to drive economic growth and as such, will require insurance product innovation,” Ironshore CEO Kevin. H. Kelley said in a statement.
Mr. Smith “will work collaboratively with regional Ironshore specialty product lines leadership to develop and offer customized coverage solutions to meet heightened market demand within this emerging segment of the manufacturing industry.”
Liberty Mutual Insurance Co.’s acquisition of Ironshore Inc. will boost the mutual insurer’s specialty and international business and resolve rating agencies’ credit concerns related to Ironshore’s existing owner, experts say.