Bermuda startup company Ironshore Insurance Ltd. and Louisiana officials announced that the insurer has been approved by the state's regulators to provide property and catastrophe insurance.

The company said it will provide commercial property and condominium coverages for the entire state, including the coastal-exposed businesses.

Insurance Commissioner James J. Donelon said his department has been trying "to bring additional capacity to the Louisiana insurance marketplace. We view the entrance of Ironshore as a key achievement in our move toward bringing new insurers into the state."

"We welcome the additional property and property catastrophe capacity that Ironshore brings to the market," he added.

The Louisiana Department of Insurance said it has taken a number of steps recently to procure insurance coverage in the state, particularly in the property and property catastrophe insurance sector.

Ironshore is a specialty insurance company that came into being this year with over $1 billion of capital aiming to capitalize on scarcities in the U.S. property-casualty insurance market.

Robert V. Deutsch, chief executive officer of Ironshore, said his company is pleased to secure the Louisiana approval.

"There is a great need for the specialty lines coverages we provide, and we're looking forward to growing our market presence in the state of Louisiana," said Les Rock, Ironshore's chief underwriting officer.

Mr. Rock said the state's action is "a 'win-win' for both Ironshore and Louisiana business owners. Approval in the Louisiana marketplace is an exciting opportunity for Ironshore to provide Louisiana businessowners with property catastrophe and property all-risk insurance coverages. We're happy to be accepted as a market solution for the citizens of Louisiana and to help alleviate the ongoing capacity shortage."

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A Bermuda Insurer To Offer La. Coverage

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