Bermuda insurers are continuing to pursue strategies to diversify their operations by acquiring or launching facilities offshore, but while most will travel the distance to London or the United States to do so, they won't bolt for new businesses at any price, executives on the island say.
Robert Deutsch, chief executive officer of Ironshore, founded in early 2007 as a commercial property insurer, admits that his company's first steps to expand--which involved the launch of two liability operations in the United States late last year--did not come about quite the way he envisioned. "We originally thought we would be in London before the United States, and that has not happened," he said.
The company had been in talks to acquire Heritage Underwriting Agency PLC--a Lloyd's agency focused on underwriting worldwide property and non-U.S. liability risks--but those broke down early this year over price considerations, he confirmed. But the quest for a London platform continues.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
