Bermuda-based Ironshore Inc. announced yesterday that its U.S.subsidiary has completed acquisition of the excess and surpluslines insurance shell from TIG Insurance Company, the runoffproperty of Fairfax Financial Holdings Ltd. of Toronto.
|Ironshore Inc. did not disclose the price paid by IronshoreHoldings (U.S.) Inc. to acquire the TIG Specialty InsuranceCompany.
|Subject to regulatory name change approval, the company will berenamed Ironshore Specialty Insurance Company (ISIC).
|Ironshore Inc. said ISIC has approval to write excess andsurplus lines in 40 states plus the District of Columbia and haslicenses in five states. ISIC will serve as the excess and surpluslines insurance carrier for Ironshore's U.S. operations.
|"Having just recently closed on our admitted shell, IronshoreIndemnity Inc., we are very excited to launch Ironshore SpecialtyInsurance Company and to increase our available product offeringsin the U.S.," said Mike Mitrovic, president of ISIC and presidentof IronPro Claims.
|Mr. Mitrovic added that with the acquisition, "We are wellpoised for US expansion now that both our admitted and excess andsurplus lines companies are operational."
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