Bermuda-based Ironshore Inc. announced yesterday that its U.S. subsidiary has completed acquisition of the excess and surplus lines insurance shell from TIG Insurance Company, the runoff property of Fairfax Financial Holdings Ltd. of Toronto.
Ironshore Inc. did not disclose the price paid by Ironshore Holdings (U.S.) Inc. to acquire the TIG Specialty Insurance Company.
Subject to regulatory name change approval, the company will be renamed Ironshore Specialty Insurance Company (ISIC).
Ironshore Inc. said ISIC has approval to write excess and surplus lines in 40 states plus the District of Columbia and has licenses in five states. ISIC will serve as the excess and surplus lines insurance carrier for Ironshore's U.S. operations.
"Having just recently closed on our admitted shell, Ironshore Indemnity Inc., we are very excited to launch Ironshore Specialty Insurance Company and to increase our available product offerings in the U.S.," said Mike Mitrovic, president of ISIC and president of IronPro Claims.
Mr. Mitrovic added that with the acquisition, "We are well poised for US expansion now that both our admitted and excess and surplus lines companies are operational."
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