Leading property/casualty insurer
Ironshore announced Tuesday it would increase its capacity for energy risk to $25 million across all sectors. That includes greater risk capacity for refineries, chemical and petrochemical plants, gas plants, pipelines, terminals, mining risks, alternative energy, power utilities, basic metal and pulp and paper facilities.
Nigel Jobson, head of global energy property for Ironshore, attributed the carrier’s decision to the meteoric growth experienced by the energy industry in recent years.
“In response to a rapidly expanding energy sector and Ironshore’s increased commitment to the sector through the recent formation of its Energy Practice Group, Ironshore is pleased to announce an increase in energy sector product capacity,” Jobson said. “This capacity increase reflects our growth over the last five years, which has given us a competitive advantage in the marketplace and the ability to respond to the progressive needs of valued customers and brokers.”
“Our capacity increase is also supported by Ironshore’s professional team of experts, recognized for its understanding of and ability to assess complex risk exposures within the sector; the team is always looking for opportunities to support our customers and brokers.”
The move follows two other expansions by Ironshore earlier this month. The insurer announced it would enter the fidelity and crime insurance market, offering product capacity limits of up to $30 million for all lines of business related to employee theft and other crime-related perils.
The new unit will be headed by Kevin Finn, a former
Hanover Insurance Group exec, who has more than 30 years’ experience in underwriting management and professional liability, fidelity and craime, ERISA and kidnap insurance for both private and public sector groups.
Ironshore also recently entered the yacht and pleasurecraft industry, writing limits of up to $75 million in hull value.
