Bermuda-based Ironshore Inc. announced that its Global Property Energy division will increase its capacity limits from $25 million to up to $35 million, effective April 2015.
Ironshore said the increase would “be available for all classes of business within the specialty property energy sector, including alternative energy, chemicals, cogeneration, on shore drilling rigs, gas plants, and electric utilities, among others,” and that it “looks forward to leveraging this additional capacity to expand its underwriting of energy risks throughout its global property platform.”
Global Property President Tony Mammolite commented: “Ironshore’s increase in capacity limits for Global Property Energy demonstrates our ongoing commitment to clients and brokers to provide comprehensive coverage solutions in a high demand insurance sector. Access to deeper capacity will enable us to pursue continued growth within specialty energy markets on a global scale.”
Peter Coleman, who leads the Energy Industry Practice Group, noted that, “additional capacity signals to new and existing clients that Ironshore intends to build upon its recognized market presence in the energy sector, where we have established a solid footprint since 2007.”
Ironshore Global Property “underwrites physical loss and damage cover for complex commercial property risks on a First Party basis, addressing both U.S. domestic and global exposures throughout the Ironshore platform,” the announcement explained.
“In addition to the coverage available through Ironshore’s Global Property unit, Ironshore also underwrites comprehensive coverage on commercial risks across virtually all other lines of business through its Real Estate, Builders Risk, and Energy units”.
Source: Ironshore, Inc.
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