Ironshore Insurance Services has announced the creation of an energy equipment facility.
The new facility, Syndicated Risk Services (SRS), will offer property and inland marine insurance coverage for on-shore middle market classes of business in the US. A release said that SRS will underwrite the middle market sector risk on behalf of four Lloyd’s of London subscribing partners.
SRS will offer up to $10 million in capacity for oil & gas operators and contractors that operate in the on-shore energy sector – with an emphasis on contractor equipment businesses. The comprehensive terms and conditions of the coverage will be structured based on the specific coverage needs of the client.
Ironshore SRS director Ben Johnson has defined the middle market sector as insured operations with up to $10 million in equipment values.
“The new property facility offers an alternative source of capital for energy equipment businesses in the US middle market that are currently underserved,” commented Ironshore senior vice-president of energy and builders risk Daniel Owen. “As part of Liberty Mutual’s Global Risk Solutions, Ironshore can now provide clients an even more comprehensive suite of product solutions to meet coverage demand.”