Bermuda startup company Ironshore Insurance Ltd. and Louisianaofficials announced that the insurer has been approved by thestate's regulators to provide property and catastropheinsurance.

The company said it will provide commercial property andcondominium coverages for the entire state, including thecoastal-exposed businesses.

Insurance Commissioner James J. Donelon said his department hasbeen trying "to bring additional capacity to the Louisianainsurance marketplace. We view the entrance of Ironshore as a keyachievement in our move toward bringing new insurers into thestate."

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

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

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

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

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

Mr. Rock said the state's action is "a 'win-win' for bothIronshore and Louisiana business owners. Approval in the Louisianamarketplace is an exciting opportunity for Ironshore to provideLouisiana businessowners with property catastrophe and propertyall-risk insurance coverages. We're happy to be accepted as amarket solution for the citizens of Louisiana and to help alleviatethe ongoing capacity shortage."