Ironshore Inc. announced that A.M. Best has upgraded the financial strength ratings for Ironshore and its subsidiaries to an A (Excellent) from an A- (Excellent). The operating subsidiaries include Ironshore Insurance Ltd. (Bermuda), Ironshore Indemnity Inc. (Minnesota), Ironshore Specialty Insurance Company (Arizona), and Ironshore Europe Ltd. (Ireland). In June 2012, A.M. Best placed Ironshore’s rating on positive outlook, which has been upgraded to an A rating with stable outlook just a year later.
Ironshore’s Financial Size Category as measured by A.M. Best is XIV. 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 rating upgrades reflect Ironshore’s strong risk-adjusted capitalization, enhanced business profile as a specialty casualty underwriter and highly experienced management team.” A.M. Best was also positive on Ironshore’s global distribution strategy to see a broad spectrum of risks to grow their global specialty businesses.
Kevin H. Kelley, Ironshore’s Chief Executive Officer, noted that, “We are pleased to have earned the upgrade to an A rating as a validation of our strategy and overall financial strength. During the last six and a half years, Ironshore has built a unique global specialty franchise focused on client solutions.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms. The Ironshore group of companies is rated A (Excellent) by A.M. Best with a Financial Size Category of Class XIV. 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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