Bermuda startup company Ironshore Insurance Ltd. and Louisianaofficials announced that the insurer has been approved by thestate's regulators to provide property and catastropheinsurance.
|The company said it will provide commercial property andcondominium coverages for the entire state, including thecoastal-exposed businesses.
|Insurance Commissioner James J. Donelon said his department hasbeen trying "to bring additional capacity to the Louisianainsurance marketplace. We view the entrance of Ironshore as a keyachievement in our move toward bringing new insurers into thestate."
|"We welcome the additional property and property catastrophecapacity that Ironshore brings to the market," he added.
|The Louisiana Department of Insurance said it has taken a numberof steps recently to procure insurance coverage in the state,particularly in the property and property catastrophe insurancesector.
|Ironshore is a specialty insurance company that came into beingthis year with over $1 billion of capital aiming to capitalize onscarcities in the U.S. property-casualty insurance market.
|Robert V. Deutsch, chief executive officer of Ironshore, saidhis company is pleased to secure the Louisiana approval.
|"There is a great need for the specialty lines coverages weprovide, and we're looking forward to growing our market presencein the state of Louisiana," said Les Rock, Ironshore's chiefunderwriting officer.
|Mr. Rock said the state's action is "a 'win-win' for bothIronshore and Louisiana business owners. Approval in the Louisianamarketplace is an exciting opportunity for Ironshore to provideLouisiana businessowners with property catastrophe and propertyall-risk insurance coverages. We're happy to be accepted as amarket solution for the citizens of Louisiana and to help alleviatethe ongoing capacity shortage."
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