AIG’s Lexington Loses Another Top Executive as Kelly Joins Ironshore

December 10, 2008

One day after it stole the long-time chief executive officer of giant surplus lines insurer Lexington Insurance Co., specialty insurer Ironshore Inc. announced that another former Lexington executive, Shaun Kelly, has been appointed chief executive officer of U.S. Operations.

Kelly resigned yesterday as president and chief operating officer of Lexington, the largest excess and surplus lines insurance company in the world and a prized unit of troubled American International Group (AIG).

Kevin Kelley, former CEO of Lexington, is Ironshore’s newly elected CEO, the company announced yesterday.

“I have enjoyed a longstanding and very successful working partnership with Shaun. He is an exceptional leader and a team player with keen insight,” Kelley said of his associate Kelly, who is now joining him at Ironshore.

The executive moves prompted rating agency A.M. Best to comment that it sees Ironshore expanding and diversifying as a result.

“The ultimate impact of these hirings on the operating strategy of Ironshore is yet to be determined; however, given the significant experience of both executives in lines of business not currently targeted by Ironshore, A.M. Best expects there will be some change to Ironshore’s mix of business, going forward,” A.M. Best said in a statement.

A.M. Best said it views the hiring of the two executives as “very significant in the development of Ironshore’s franchise given their prior accomplishments. Over the near term, A.M. Best expects minimal changes to Ironshore’s focus, but as both executives become acclimated in their new roles, a shift to complementary commercial casualty lines of business may occur, resulting in a more diversified business profile.”

Source: Ironshore
www.ironshore.com.

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