A division of Ironshore Inc. – a billion-dollar insurance holding company – is expanding its pharmaceutical, biotechnology and medical device industry coverage capacity.
IronHealth is Ironshore’s specialty healthcare unit. It will now provide capacity of up to $20 million for its Life Sciences business lines, up from limits currently set at $15 million.
Life sciences is a growing business sector in the U.S., and IronHealth is working to be at the forefront of covering companies in the space, Matt Dolan, president of Iron Health, said in a statement.
“IronHealth’s increase in available capacity for this specialty market sector reflects our continued commitment to provide responsive insurance solutions for clients and broker partners in this rapidly and evolving market,” Dolan said.
Ironshore launched in December 2006 with more than $1 billion in private-equity backing. Its leaders include CEO Kevin Kelley and President Shaun Kelly, executives who departed from American International Group during the financial crisis.
Last month, Fosun International Ltd., an investment group from China, announced plans to snatch up 20 percent of Ironshore’s total outstanding ordinary shares on a fully diluted basis. Executives said at the time that they’d use the investment to pay for share repurchases from existing long-term private equity and other shareholders.
Ironshore filed plans for a $100 million IPO in late June.Source: Ironshore Inc.