Property/casualty insurer Ironshore Inc. in Bermuda has completed an equity capital deal that will raise $300 million to support the continued expansion of Ironshore’s specialty insurance business.
Lead investors in this transaction include GTCR Golder Rauner, LLC, a private equity investment firm that initially purchased $200 million of newly issued equity of Ironshore, $50 million of equity capital from investment firm Calera Capital, one of Ironshore’s founding private equity partners, with the remaining $50 million secured from new and other current Ironshore shakeholders, according to Ironshore.
“This equity raise comes at a time when capital is scarce, which clearly demonstrates the market confidence in Ironshore and our prospects for future growth,” said Kevin Kelley, Ironshore chief executive officer. “We continue to see significant dislocations in selected segments of the market that will allow us to venture forth with the necessary capital to further leverage industry opportunities.”
According to Kelley, Ironshore continues to grow its diversified insurance platforms in the U.S., Bermuda and London and with this infusion of additional capital, it will expand its infrastructure.
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