New Ironshore facility targets neglected areas of US energy market
Ironshore Insurance Services has created an energy equipment facility offering property and inland marine insurance coverage targeted at on-shore middle market classes of business in the US.
“The new property facility offers an alternative source of capital for energy equipment businesses in the US middle market that are currently underserved,” said Daniel Owen, senior vice president, energy and builders risk. “As part of Liberty Mutual’s Global Risk Solutions, Ironshore can now provide clients an even more comprehensive suite of product solutions to meet coverage demand.”
According to the company Ironshore’s Syndicated Risk Services (SRS) will underwrite the middle market sector risk on behalf of four Lloyd’s of London subscribing partners.
Up to $10 million in capacity will be provided by SRS for oil & gas operators and contractors operating within the on-shore energy sector, with an emphasis on contractor equipment businesses. SRS defines the middle market sector as insured operations with up to $10 million in equipment values, according to Ben Johnson, Director, SRS. Comprehensive terms and conditions of the coverage will be structured to the specific coverage demands of complex risks.
Ironshore’s Global Energy Industry Practice underwrites insurance programs for commercial entities across all classes within specialty markets, including casualty, property, environmental, marine, professional lines and political risk.
