Ironshore Specialty Casualty has formed Ironshore Energy Solutions, a dedicated oil and gas facility, offering liability coverages for on-shore middle market energy classes in the United States. Ironshore Insurance Services LLC, its specialty managing general agency, will deliver capacity to underwrite middle market sector risk on behalf of six consortium insurance companies, the company said.
Ironshore Energy Solutions will provide up to $11 million in insurance capacity for general liability and umbrella coverages for complex sector risks, Ironshore added.
“Ironshore Energy Solutions is an innovative approach that brings alternative capital to the U.S. middle market,” stated Ron Gleason, the leader of Ironshore's global energy industry practice. “Ironshore's newly established facility will provide much needed insurance capacity to an underserved sector of the energy industry at a time when many operations are beginning to rebound from intense commodity pricing pressures.”
Ironshore said that Ironshore Energy Solutions will underwrite liability risk for U.S. middle market energy entities with annual revenues ranging from $5 million to $200 million. Target energy classes are on-shore oil and gas operators, contractors, and small mid-stream companies. Comprehensive terms and conditions of coverage will be structured to the specific coverage demands of the risk, the company added.
“Ironshore's new energy facility promises broader coverage options and deeper capacity, allowing specialty brokers and agents within these markets access to a more robust suite of products,” noted Ben Johnson, a company vice president.
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].