A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Ironshore Insurance Ltd. and Ironshore Reinsurance Ltd. (both of Bermuda). Best also affirmed the ICR of “bbb-” of Ironshore’s holding company, Cayman Islands-based Ironshore Inc. The rating outlook is stable. In addition Best assigned an FSR of ‘A-‘ (Excellent) and ICRs of “a-” to Ironshore Indemnity Inc. of Minneapolis, Minn. and Ironshore Specialty Insurance Company (ISIC) of Phoenix, Ariz., also with stable outlooks. “The rating affirmations are based on Ironshore’s solid operating results and excellent capitalization during its first year of operations,” said Best. “Management continues to enhance infrastructure along with systems and controls to accommodate current and future growth. During its first year, Ironshore focused on property coverage and expanded into professional liability lines as included in its original plan. The company, however, was challenged by less than anticipated premium volume due to the current soft market along with some unexpected losses in segments of its investment portfolio. Furthermore, Ironshore is still establishing a formal enterprise risk management framework that will address all aspects of its risk exposures.”
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