January 3, 2008
Ironshore Acquires US Excess and Surplus Lines Shell
Ironshore Inc. announced today that Ironshore Holdings (U.S.) Inc., the company’s US subsidiary, has completed the acquisition of TIG Specialty Insurance Company, a US-based excess and surplus lines insurance company, from TIG Insurance Company. Subject to regulatory name change approval, the company will be renamed Ironshore Specialty Insurance Company (“ISIC”). Ironshore Specialty Insurance Company has approval to write excess and surplus lines in 40 states plus the District of Columbia. In addition, it has licenses in 5 states. ISIC will serve as the excess and surplus lines insurance carrier for Ironshore’s US operations, which currently consist of the IronPro and IronBuilt divisions. “Having just recently closed on our admitted shell, Ironshore Indemnity Inc., we are very excited to launch Ironshore Specialty Insurance Company and to increase our available product offerings in the US,” said Mike Mitrovic, President of ISIC and President of IronPro Claims. “We are well poised for US expansion now that both our admitted and excess and surplus lines companies are operational.” 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].