(PRWEB) April 03, 2013
Ironshore Inc. (“Ironshore”) and Lexon Surety Group (“Lexon”) announced that they completed the first stage of a new strategic alliance in the surety market. As the 12th largest writer of surety bonds in the United States, Lexon writes over $100 million in direct written premium annually.
Ironshore’s subsidiaries will provide quota share reinsurance and primary fronting facility on new and renewal business for most types of U.S. commercial and contract surety risks. In addition, Paul S. Giordano, Chairman of Ironshore’s Political Risk, Specialty Risk & Surety businesses, will become a director of Lexon.
Chief Executive Officer of Ironshore, Kevin H. Kelley, stated “Entering the surety market has long been a strategic goal of Ironshore and this will allow us to meet a broader range of customer needs. We are very pleased to be doing so through the alliance with Lexon.”
David Campbell, President and Chief Executive Officer of Lexon, said “Our staff and management are excited to work with a company of Ironshore’s stature in order to further enhance our market position. “Lexon possesses strong leadership, industry knowledge and underwriting expertise,” said Mr. Giordano. “Adding our financial strength to Lexon’s through reinsurance, together with our fronting facility, will create a powerful new combination for surety buyers and their agents.”
Ironshore provides broker-sourced specialty commercial property insurance and casualty coverages for varying risks on a global basis through its multiple international platforms. The Ironshore group of insurance companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit http://www.ironshore.com.