This is not a surprise. Ironshore has been buying business in order to ameliorate the financial well being of the likes of Kevin Kelly and other AIG executives who left when their options went south following AIG’s collapse in 2008.
The management team has been trying to write business so as to push the value of the firm higher so when they are bought out the management team would have a nice golden parachute.
Ironshore? Yeah right. An apt name for the company is Ironwhore.
Yes, for the most part you are correct about insurance carriers buying business. I would say that Ironshore buys business at rock bottom prices that even other “business buying carriers” will not touch.
With the A M Best ratings change, I can see Kevin Kelly and top management getting ready to head for retirement with their golden parachutes just as quickly as they exited AIG after the 2008 financial crisis.
This is not a surprise. Ironshore has been buying business in order to ameliorate the financial well being of the likes of Kevin Kelly and other AIG executives who left when their options went south following AIG’s collapse in 2008.
The management team has been trying to write business so as to push the value of the firm higher so when they are bought out the management team would have a nice golden parachute.
Ironshore? Yeah right. An apt name for the company is Ironwhore.
“The management team has been trying to write business so as to push the value of the firm higher”
Isn’t that every insurance company’s business model?
@at an actuary
Yes, for the most part you are correct about insurance carriers buying business. I would say that Ironshore buys business at rock bottom prices that even other “business buying carriers” will not touch.
With the A M Best ratings change, I can see Kevin Kelly and top management getting ready to head for retirement with their golden parachutes just as quickly as they exited AIG after the 2008 financial crisis.