January 3, 2007
The Beekman Group Announces Investment in Ironshore Inc.
The Beekman Group today announced its investment in Ironshore Inc., a Bermuda based underwriter of excess & surplus insurance lines. This newly formed global insurance company was created in response to the crisis conditions in the U.S. property catastrophe insurance markets, a result of significant hurricane activity in recent years and subsequent changes to capital adequacy models in the insurance industry. Initially, Ironshore will write a worldwide book of property business. Because of marketplace demands, the company's initial focus will be on commercial risks with wind exposures in the catastrophe-prone coastal states. The Company will also provide commercial earthquake coverage in California. Over the next few years, Ironshore will selectively enter additional specialty lines as market conditions warrant. Ironshore management and staff will be based in Bermuda, led by Robert V. Deutsch as Chief Executive Officer and Leslie J. Rock as President and Chief Underwriting Officer. Mr. Deutsch is a highly regarded executive who has worked in the insurance industry for 25 years, having served in leading roles with two major insurance companies. Mr. Rock has long been recognized as the leading property underwriter at Lloyd's, having served as chief property underwriter for three of its leading property syndicates over the past 25 years. Ironshore's leadership team also includes Mitchell E. Blaser, most recently the CFO of Swiss Re America and Marsh Inc, who has been appointed Chief Financial Officer. "We are pleased to be a Co-Lead Investor in Ironshore. This investment is consistent with our strategy of utilizing Beekman's Industry Partners to source unique opportunities in our targeted industry segments," said John Troiano, Chief Executive Officer of The Beekman Group. “We believe there is an opportunity in the catastrophe property segment of the insurance market and we are pleased to be partnering with a world-class management team in this investment." 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].