Ironshore Holdings (U.S.) Inc., a subsidiary of Ironshore Inc., has announced it will acquire Arlington, Va.-based program administrator Wright & Co. Terms were not announced.
Ironshore and Rockwood Programs Holdings Inc. said they have an agreement with Special Agents Mutual Benefit Association to acquire the capital shares of Wright & Co.
Glenn Clark, president of Wright and Co., said the firm "has $16 million in premiums and $4 million in revenue. It has 40,000 policyholders, all of whom are federal government employees and retirees."
All 27 company employees are based in Arlington. Core products of Wright and Co. are professional liability for federal employees and ancillary benefits for those same employees.
Ironshore will be the majority shareholder and appoint the majority of Wright & Co.'s board of directors, including the chairman, Ironshore said.
Insurance company subsidiaries will underwrite the professional liability coverage offered by Wright & Co., while personal umbrella lines, life, health, dental and disability coverage will be provided by third-party companies, according to Ironshore.
Rockwood Programs will offer select services and will manage the daily operations of Wright & Co, with Mr. Clark also serving as Wright & Co.'s president.
Wright & Co. arranges and administrates professional liability and employee benefits coverage for employees of the United States government, with emphasis on law enforcement personnel.
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