November 2, 2007
Ironshore Acquires US Admitted Shell
Ironshore Inc. announced today that Ironshore Holdings (U.S.) Inc., the company’s US subsidiary, has completed the acquisition of Stockbridge Insurance Company, a US-based admitted insurance company, from Folksamerica Reinsurance Company. Subject to regulatory name change approval, the company will be renamed Ironshore Indemnity Inc. (“III”). Ironshore Indemnity Inc. has licenses in 46 states plus the District of Columbia, and it will be the admitted US carrier for Ironshore’s US operations, which currently consist of the IronPro and IronBuilt divisions. “We are pleased to have acquired a clean, admitted shell with licenses in so many states,” said Greg Flood, President of both III and IronPro. “Ironshore Indemnity Inc. gives us an excellent platform to expand our US admitted operations.” About Ironshore Ironshore provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Ironshore's initial market profile included property catastrophe and property all-risk coverage for small to mid-sized commercial risks. With the launch of IronPro in May 2007 and IronBuilt in October 2007, Ironshore has expanded its platform into the Professional Liability and Construction specialty market sectors. Ironshore Insurance Ltd. is rated A - (Excellent) by A.M. Best Company with a Financial Size Category of Class XI. About The Beekman Group The Beekman Group (“TBG”) is a leading private equity firm dedicated to bringing financial and operational resources to lower middle-market companies. TBG's team consists of experienced private equity professionals, as well as a select group of Industry Operating Partners who are leading executives in TBG's targeted industry segments. This Industry Partner approach to investing is the cornerstone of TBG's investment strategy -- creating value through accelerating growth in partnership with lower middle-market management teams. For more information please contact [email protected].