Ironshore launches lead umbrella insurance consortium

The international insurer has partnered with several others to offer a syndicated approach to underwriting lead umbrella.

Insurance News

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International property/casualty insurer Ironshore announced that the specialty casualty unit of its European arm and its Pembroke Lloyd’s syndicate have joined with two others to form a new lead umbrella liability consortium.

XXV Consortium consists of the two Ironshore units, Lloyd’s Antares syndicate and Markel Global Insurance. The consortium will focus on underwriting commercial risk for US-based corporates through lead umbrella insurance, offering capacity limits of up to $25 million for occurrence, occurrence reported or claims-made policies.

Chris Horton, senior vice president and director of US liability for Ironshore Europe Limited, celebrated the launch as an important development in linking US-based risk with European insurance solutions.

“XXV Consortium represents a syndicated approach to underwriting US Lead Umbrella lines of business via a single access point,” Horton said in a statement. “Through this partnership with shared interests, US clients can develop a closer relationship with London and their international markets.”

Markel Global Insurance’s chief underwriting officer for Excess Liability, John Boylan, also praised the consortium’s development.

“We are delighted to be in the position to offer support to this initiative and believe the overall consortium team has the requisite underwriting expertise, financial security and broad relationships to make a difference in this underserved sector of our market,” Boylan said.

XXV Consortium will begin underwriting July 1, 2015 through Ironshore Europe Limited, and will be managed by Mark Hill, senior vice president of Ironshore Specialty Casualty.
 

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