Ironshore and Lexon Surety Group, the 12th largest writer of surety bonds in the United States, have completed the first stage of a new strategic alliance.
According to the terms of their alliance, Ironshore’s subsidiaries will provide quota share reinsurance and primary fronting facilities on new and renewal business for most types of US commercial and contract surety risk. In addition the chairman of Ironshore’s political risk, special risk and surety business, Paul Giordano, will become a director at Lexon.
Bermuda:Re spoke to Giordano about the evolving partnership.
What about the surety business attracted Ironshore and why is this the ideal time to achieve that strategic ambition?
Ironshore has long had a strategic interest in surety. The business fits naturally with Ironshore's specialty focus and the timing is right with the economic recovery underway in the US and many countries outside of Europe. The key for Ironshore was finding the right partner.
What makes Lexon Surety Group an ideal partner?
Lexon Surety Group is an excellent partner for Ironshore, writing over $100 million in premiums annually. As the twelfth largest surety writer in the US, Lexon is an established platform and offers customers and agents a wide range of contract and commercial surety products.
How will this move complement Ironshore’s existing business?
Surety is attractive to Ironshore as both stand-alone and as a complement to our environmental, casualty and international businesses, to name a few. The ability to offer surety alongside other Ironshore coverages enables us to meet a broader range of our customers' insurance needs.
Ironshore, Lexon Surety Group, US, Bermuda, reinsurance