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Following the completion of its $2.93 billion acquisition of Hamilton, Bermuda-based Ironshore Inc. on Monday, Liberty Mutual Insurance Co. said it will fold much of its existing U.S. specialty business into the Ironshore brand.
In a statement on Tuesday, Liberty Mutual said Liberty International Underwriters’ U.S. business and Ironshore’s U.S. specialty lines business would both operate under the Ironshore brand.
Ironshore CEO Kevin H. Kelley will continue to lead all Ironshore operations and report directly to David Long, Liberty Mutual Insurance Chairman and CEO.
The combined U.S. specialty organization will be led by Shaun Kelly, Ironshore’s president and CEO Ironshore U.S., who will report directly to Mr. Kelley.
The U.S. specialty operation comprises the following product leadership teams: John O’Brien, head of environmental; Matthew Dolan, head of IronHealth; Michael Finnegan, head of U.S. Casualty; Greg Flood, head of IronPro; Edward Mazman, head of U.S. Property; Daniel Sussman, head of U.S. political risk.
Ironshore’s international businesses, including its Lloyd’s of London syndicate and its Bermuda operating unit, will continue to operate with its existing management team and under the Ironshore brand, Liberty Mutual said.
Mitch Blaser, Ironshore’s chief operating officer and CEO of both Ironshore Bermuda and IronServe, and Mark Wheeler, CEO Ironshore International, will continue to report directly to Mr. Kelley.
There will be no changes to the existing Liberty Mutual global specialty business outside of LIU U.S., Liberty Mutual said.
“The combination of our two operations will create a top tier U.S. specialty insurer with a broad and deep set of solutions for clients and brokers,” Mr. Long said in a statement.
Liberty Mutual announced in December it was buying Ironshore from Chinese conglomerate Fosun International Ltd. Founded in 2006, Ironshore had gross premiums written of $2.2 billion in 2016 has about 800 employees located in 15 countries, according to the statement.
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.