Hamilton, Bermuda – Ironshore Inc. announced that A.M. Best has revised the outlook to positive from stable and has affirmed the financial strength rating of A-(Excellent) and issuer credit ratings (ICRs) of “a-” for Ironshore’s operating subsidiaries. The operating subsidiaries include Ironshore Insurance Ltd. (Bermuda), Ironshore Indemnity Inc. (Minnesota), Ironshore Specialty Insurance Company (Arizona), and Ironshore Europe Ltd. (Ireland). This change to a positive outlook indicates that there is a possible rating upgrade in the future due to favorable financial/market trends relative to the current rating level.
Ironshore’s Financial Size Category as measured by A.M. Best is XIII. Ironshore’s two U.S. companies and Irish subsidiary each carry a ‘g’ or ‘r’ modifier from A.M. Best; therefore, all of these Ironshore subsidiaries carry the Financial Size Category of the Ironshore group. The group rating is assigned to subsidiaries deemed to be integral to the group’s strategy and ongoing success and are fully integrated into the group’s strategic plan.
“In its ratings announcement, A.M. Best highlighted that the positive outlook reflects the stable progress made by the organization in the build-out of its franchise under the current management,” noted Kevin Kelley, Ironshore’s Chief Executive Officer. “Ironshore is pleased with the positive outlook and feel it reflects our momentum in the market and the favorable business model we’ve executed. It further demonstrates our financial strength and recognizes our strong capital base, financial flexibility and experienced management team.”
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its platforms in Bermuda, the U.K., Canada, Ireland and the U.S. The Ironshore group of companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit: www.ironshore.com.
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