Ironshore is opening new offices in Germany, Switzerland and The Netherlands, with further expansion in Continental Europe expected down the line. What’s more, the Bermuda-based specialty insurer plans to tap a former Catlin executive to lead the effort.
Plans call for opening new offices through Ironshore’s Ironshore International arm, which is launching a branch office in Cologne, Germany as well as further operations in Rotterdam, The Netherlands; and Zurich, Switzerland by year-end.
Ronan Gerety, a founding managing director of Catlin Europe (now part of XL Catlin), is now director of Ironshore Agency Ltd., and will lead Ironshore’s business efforts in Continental Europe.
More Ironshore offices will be opened in Europe, as future opportunities come up.
Ironshore International CEO Mark Wheeler said that the M&A activity hitting the property/casualty industry has created uncertainty in Continental Europe, leaving Ironshore with a clear business opportunity.
Wheeler noted in prepared remarks that many clients in Europe “demand a localized approach to underwriting and assurance of reliable, long-term capacity.” He said that Ironshore’s growth strategy on the continent zeroes in on the idea of selling coverage “with local jurisdiction expertise, decision making and leaderhip.”
Outside of Europe, Ironshore International recently entered the New Zealand Market with a new office in Auckland that will be part of Ironshore Australia.
Ironshore is now fully owned by Chinese mega-conglomerate Fosun Group.
Source: Ironshore Inc.