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Ironshore forms underwriting agency for US, London markets

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Ironshore Inc. has formed an underwriting agency that will serve the U.S. and London insurance markets, the New York-based insurer said Monday.

The agency, Iron-Excess, is an expansion of the Iron-Starr Excess underwriting agency business model that has been serving the Bermuda market since 2009, Ironshore said in its statement.  The new operation will be led by Hamilton, Bermuda-based Steve Horton.

Ironshore, a unit of Boston-based Liberty Mutual Insurance Co., said in its statement that Iron-Excess will enable Ironshore to deliver the advantages of the agency approach, providing policyholders and brokers access to a large pool of capacity.

Mr. Horton said in a separate statement: “We are working with a number of different potential partners to be announced.”

Mitch Blaser, Ironshore’s chief operating officer and CEO of Hamilton-based Ironshore Bermuda, said in the statement, “We have had a lot of success given the quality and experience of our team in Bermuda.  The business model has been well received in the Bermuda market and is advantageous to our clients offering a natural solution to concerns around counterparty risk and capacity needs.”