Ironshore Insurance Ltd., a Bermuda-based surplus lines carrierwith over $1 billion in capital, has been given the green light byinsurance Commissioner Kevin McCarty to begin selling propertycoverage in the state. Ironshore is planning on offering commercialcoverage on an excess and surplus basis. The company providesbroker-sourced specialty commercial property and casualty for risksthroughout the world. The carrier has also launched an IronProdivision to expand into the professional liability market. Thecarrier has an A-rating by the A.M. Best Company.

“We are excited about being available to the Florida marketplaceas an insurer,” said Ironshore CEO Robert V. Deutsch. “There is agreat need for the specialty lines coverage we provided in thestate and we're pleased to be accepted as a market solution for thecitizens in Florida.”

Ironshore is one of eight new companies that have entered themarket either as a surplus lines carrier, an alien or foreigncompany, or domestic property and casualty carrier. Two othersurplus lines companies have also been given the go ahead to beginmarketing policies. The Delaware-based Praetorian SpecialtyInsurance Co., has indicated it will write commercial multi-periland allied lines. Praetorian has been licensed in Florida since2001 as an accredited reinsurer, but has since decided to expandinto the surplus lines market. The United-Kingdom Arch InsuranceCo. Ltd. is planning to enter the commercial market by targetingthe energy risk of oil companies.

Four domestic companies have also announced their plans to enterthe market. American Keystone Insurance Co. will write homeowners'insurance on properties valued from $250,000 to $3 million.Homeowners Choice Property and Casualty Insurance Co. is planningto acquire 15,000 to 20,000 policies from Citizens PropertyInsurance Corporation. Olympus Insurance Co., has stated it plansto start offering policies later this year. Modern USA InsuranceCo., also plans to start offering homeowners' coverage later thisyear.

“It gives me great pleasure to introduce new insurers to theState of Florida,” said McCarty. “These new companies not onlyprovide much needed investment to our marketplace, but demonstratethe commitment of the industry to continue to conduct business inour state.”