Specialty lines insurers C.V. Starr & Co. and Ironshore Inc. have teamed up to launch Iron-Starr Excess Agency Ltd., a specialty lines insurance and reinsurance managing general agency.
In separate statements, the companies said Iron-Starr Excess, domiciled in Bermuda, will initially focus on the production of excess financial and commercial lines insurance and reinsurance products through U.S. insurers, Bermuda, or other offshore carriers.
Products will also include catastrophic excess casualty insurance for Fortune 2000 companies and other clients. It will issue policy limits up to $75 million.
Maurice R. "Hank" Greenberg, chairman and chief executive officer of New York-based C.V. Starr, said, "There are significant opportunities in this market, and C.V. Starr together with Ironshore has the team to get the job done. We are delighted to be partnering with them in this venture."
"This partnership enables Ironshore to enter the excess casualty market with additional backing and support to offer larger limits, consistent with the needs of our clients," said Kevin Kelley, CEO of Bermuda-based Ironshore.
"We look forward to developing a long-standing relationship with C. V. Starr and are excited about this new venture. This arrangement will assure customers that during these challenging times, they have a syndicated alternative that understands their needs and has the experience to be a long-term solution."
C.V. Starr is an independently owned holding company with insurance agencies and a portfolio of global investments writing specialty lines covering aviation, marine, energy, excess casualty and property, accident and health, including risks with international exposures.
Ironshore provides broker-sourced specialty commercial property-casualty coverages for risks located throughout the world.
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