Ironshore Insurance Ltd., a Bermuda-based surplus lines carrier with over $1 billion in capital, has been given the green light by insurance Commissioner Kevin McCarty to begin selling property coverage in the state. Ironshore is planning on offering commercial coverage on an excess and surplus basis. The company provides broker-sourced specialty commercial property and casualty for risks throughout the world. The carrier has also launched an IronPro division to expand into the professional liability market. The carrier has an A-rating by the A.M. Best Company.

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

Ironshore is one of eight new companies that have entered the market either as a surplus lines carrier, an alien or foreign company, or domestic property and casualty carrier. Two other surplus lines companies have also been given the go ahead to begin marketing policies. The Delaware-based Praetorian Specialty Insurance Co., has indicated it will write commercial multi-peril and allied lines. Praetorian has been licensed in Florida since 2001 as an accredited reinsurer, but has since decided to expand into the surplus lines market. The United-Kingdom Arch Insurance Co. Ltd. is planning to enter the commercial market by targeting the energy risk of oil companies.

Four domestic companies have also announced their plans to enter the 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 planning to acquire 15,000 to 20,000 policies from Citizens Property Insurance Corporation. Olympus Insurance Co., has stated it plans to start offering policies later this year. Modern USA Insurance Co., also plans to start offering homeowners' coverage later this year.

“It gives me great pleasure to introduce new insurers to the State of Florida,” said McCarty. “These new companies not only provide much needed investment to our marketplace, but demonstrate the commitment of the industry to continue to conduct business in our state.”

Special Reports /

New Surplus Lines Insurer Enters the Market

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