Bermuda-based Ironshore Inc. is entering the Professional Liability sector with the launch of IronPro, headed by Greg Flood as President. IronPro, based in New York, will initially focus on Directors & Officers Liability insurance, with additional Professional Liability products to be introduced in the near future.
“All of us at Ironshore are excited about the creation of IronPro as a dedicated facility organized to offer Professional Liability insurance, which is a logical business extension of our commitment to meeting specialty insurance market needs,” commented Ironshore’s CEO Bob Deutsch. “Our initial timeline for expanding into this market has been accelerated because of our success in attracting Greg, an industry leader with an incredible track record.”
Flood has specialized in the Professional Liability insurance sector for more than 25 years, of which 17 were dedicated to a range of leadership positions at American International Group. Most recently he held the title of Executive VP and COO of National Union Fire Insurance Company, an AIG subsidiary. He also co-founded and served as Chief Executive Officer of Global Specialty Risk, a D&O insurance entity launched in 2000.
Flood expressed his pleasure at taking on a new role with Ironshore, dedicated to helping the new Company “provide a solution to meet expressed marketplace demand.”
In addition to Flood, Ironshore announced that Fred Marra has been named Vice President of Operations. Previously, he was Vice President of Underwriting Services for Arch Insurance Group in New York. He will be responsible for all facets of building and managing the IronPro operation, including administration, human resources, compliance and coordination of support services.
Les Rock, President of Ironshore Insurance, commented, “Our new entry into the Professional Liability insurance sector reflects Ironshore’s ability to implement a sound business strategy in response to changing market conditions and competitive opportunities. This expansion is consistent with our original plans to offer products beyond property and property catastrophe coverages.”
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