Ironshore Inc. has increased its ownership of Lexon Surety Group to 20 percent under an option that it received as part of its initial investment in Lexon in 2013.
Ironshore’s insurance subsidiaries will continue to provide quota share reinsurance and a primary fronting facility on new and renewal business for most types of U.S. commercial and contract surety risks.
The additional investment in Lexon follows the inclusion in December 2013 of Ironshore Indemnity Inc. and Ironshore Specialty Insurance Co. on the U.S. Department of Treasury’s Listing of Approved Sureties. Ironshore Indemnity was approved to provide surety bonds of up to $12.37 million per bond while Ironshore Specialty was approved to provide surety bonds of up to $30.97 million per bond.
Ironshore, through its IronBond platform, is licensed to underwrite surety in all 50 states and Washington, D.C.
Lexon writes more than $100 million in direct premiums annually.
Lexon Surety Group, LLC is a privately held insurance holding company specializing in surety bonds, available in 49 states, Washington D.C., Guam, and The Northern Mariana Islands, and all U.S properties located overseas. Lexon Surety Group is comprised of Lexon Insurance Co. and Bond Safeguard Insurance Co., both headquartered in Mt. Juliet, Tennessee.