Ironshore Insurance Services LLC has formed an energy equipment facility offering property and inland marine insurance coverage for on-shore middle market classes of business in the U.S.
Ironshore’s Syndicated Risk Services (SRS) will underwrite the middle market sector risk on behalf of four Lloyd’s of London subscribing partners.
SRS will provide up to $10 million in capacity for Oil & Gas Operators and Contractors operating within the on-shore energy sector, with an emphasis on contractor equipment businesses.
Ben Johnson, Director of SRS, said that the company defines the middle market sector as insured operations with up to $10 million in equipment values.
Daniel Owen, Senior Vice President, Energy and Builders Risk at Ironshore, commented: “The new property facility offers an alternative source of capital for energy equipment businesses in the U.S. middle market that are currently underserved.
“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.”
Ironshore said that comprehensive terms and conditions for 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.
