Boston
03 May 2017
Reporter: Becky Butcher

Liberty Mutual combines specialty lines business with Ironshore


Liberty Mutual is combining its US international underwriters business with Ironshore’s US specialty lines operation under the Ironshore brand.

The merger of the two businesses will create the sixth largest writer of excess and surplus lines in the US, based on 2016 direct written premiums.

Liberty Mutual, which announced the acquisition of Ironshore in December, completed the deal on 1 May for an estimated $3 billion.

Kevin Kelley, current Ironshore CEO, will continue to lead all the Ironshore operations, reporting directly to David Long, chair and CEO of Liberty Mutual Insurance.

Ironshore’s existing international businesses, including its Lloyd’s syndicate operation and Bermuda platform, will continue to operate with its existing management team, business strategy and Ironshore brand.

Kelley stated: “Ironshore’s profitable specialty lines business will further bolster Liberty Mutual’s specialty markets platform, while Liberty Mutual’s strong balance sheet presents Ironshore opportunities to innovate additional product lines and to access greater insurance underwriting capacity.”

He added: “Ironshore looks forward to working with the Liberty Mutual family as we expand upon our specialty classes of business and heighten our established corporate brand in markets worldwide. Liberty Mutual’s global reach and admirable reputation offer Ironshore deeper resources to drive strategic growth.”

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Customer service is key to captive redomestications
23 August 2017 | Charlotte | Reporter: Becky Butcher
Customer service is key to attracting potential captive insurers to a particular jurisdiction, according to Leanne Refalko, senior captive insurance specialist at the North Carolina Department of Insurance
Hawaii appoints new insurance administrator for commerce
23 August 2017 | Honolulu | Reporter: Jenna Lomax
The state of Hawaii has promoted Andrew Kurata to acting insurance administrator for the department of commerce and consumer affairs insurance division
Experts react to Avrahami
23 August 2017 | Washington DC | Reporter: Becky Butcher
The US Tax Court’s decision to back the Internal Revenue Service in its dispute with Benyamin and Orna Avrahami over their micro captive should encourage those involved in similar arrangements to revisit them
NCCIA: North Carolina’s captive figures almost doubled in 2016
22 August 2017 | Charlotte | Reporter: Becky Butcher
The number of North Carolina’s licensed captive companies grew by 91 percent last year, while approved protected cells and series saw an increase of over 50 percent
NCCIA praises captive industry for work
22 August 2017 | Charlotte | Reporter: Becky Butcher
The North Carolina Captive Insurance Association Annual Conference kicked off this week with Thomas Adams, president and CEO, thanking those in the industry who have helped make the state’s captive market the success it is today
Willis Towers Watson reinforces employee benefit captive consulting
22 August 2017 | London | Reporter: Mark Dugdale
Willis Towers Watson has hired Paul Devitt as director in its global services and solutions consultancy practice, where he will focus on employee benefit captive consulting
Disappointing outcome for micro captives in Avrahami
22 August 2017 | Washington DC | Reporter: Becky Butcher
The US Tax Court has backed the Internal Revenue Service’s decision to deny Benyamin and Orna Avrahami access to the Internal Revenue Code Section 831(b) election for certain financial years