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.”
