Les Rock, president and chief underwriting officer of Ironshore Insurance Ltd., has resigned effective Oct. 31, 2008 for personal reasons.
Howard Barnes, Peter Coleman and Rod Todd will continue to underwrite property insurance through Ironshore’s Bermuda office. Russ John has agreed to take on a more active oversight role for underwriting at each of the platforms in Bermuda, the U.S. and London in connection with his service as chairman of the Underwriting & Risk Committee of the Board of Directors.
Robert V. Deutsch, CEO, commented, “This year has witnessed exceptionally large worldwide property per risk losses and natural catastrophes, including Hurricanes Ike and Gustav where industry losses are estimated at $21 billion and $4 billion, respectively. Combined with the significant decline in the financial markets, demise of many financial institutions and widening of credit spreads, this has been a challenging year.
Despite this difficult environment and the initial investment to build out platforms in Bermuda, the United States and London, I am pleased to say that our stockholders’ equity at Sept. 30, 2008 is $1.0 billion.”
A.M. Best Co. commented that the ratings and outlook of Ironshore Inc. (Ironshore) (Cayman Islands) and its operating subsidiaries are unchanged following Rock’s resignation.
Ironshore provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Through its platform in Bermuda, Ironshore writes property catastrophe and property all-risk coverage for small to mid-sized commercial risks. Ironshore’s U.S. operations consist of IronPro, IronHealth, IronBuilt and IronSelect, and they serve the professional liability, health care liability, construction and excess casualty specialty market sectors, respectively. Specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.