Ironshore Insurance To Provide Property And Catastrophe Insurance For South Carolina Risks

Hamilton, BM - Ironshore Insurance Ltd. was approved recently to provide property and catastrophe insurance on an excess and surplus basis for risks located in the State of South Carolina. Ironshore will provide commercial property and condominium coverages to the coastal exposed businesses statewide.

"I believe we can create a win-win relationship with insurance companies to provide much needed disaster protection for our commercial risks by creating an environment open to new capacity," said Scott H. Richardson, Insurance Director for the State of South Carolina. "We're happy to approve Ironshore for South Carolina risks."

Richardson, appointed as Insurance Director in February 2007, is mindful of the coastal insurance issues facing South Carolina citizens and is swiftly demonstrating his ability to bring positive solutions to the insurance problems along the coast.

Ironshore is a newly formed Bermuda-based specialty insurance company with over $1B of capital. "We are grateful for the speed and flexibility demonstrated by the South Carolina Insurance Department in moving this approval forward. We are hopeful that other States will quickly approve our applications for surplus lines eligibility," said Robert V. Deutsch, Chief Executive Officer of Ironshore.

Ironshore provides broker-sourced commercial property coverage located throughout the world, with its initial emphasis in the Gulf region of the United States. Ironshore's principal market profile includes property catastrophe and property all-risk coverage for small to mid-sized commercial risks. Ironshore Insurance Ltd. is rated A - (Excellent) by A.M. Best Company.

SOURCE: Ironshore Insurance Ltd.