7 March 2018Insurance

Ironshore unit expands OCIL partnership to underwrite property risks

Ironshore subsidiary and managing general agent (MGA) Iron-Starr Excess Agency has expanded its partnership with Oil Casualty Insurance (OCIL) to underwrite property lines.

Iron-Starr has underwritten coverages on behalf of OCIL, a subscribing insurer for financial lines since 2016.

The new partnership will enable Iron-Starr to deliver an increase in syndicated capacity for commercial property risks, including natural catastrophe perils, within the Bermuda market.

OCIL stated that its expanded relationship with Iron-Starr will focus on further building its presence in the direct & facultative property insurance sector. Iron-Starr is authorised to underwrite direct & facultative (D&F) insurance with limits separate and distinct from coverage offered directly by OCIL’s property team, led by Rolf Fischer.

“Iron-Starr’s newest agreement with OCIL strengthens our capabilities for delivering greater capacity for commercial property lines, where we have seen growing demand in the Bermuda marketplace,” said Ian Smith, Ironshore senior vice president and head of Bermuda property. “We are pleased to incorporate property risk within Iron-Starr’s increasingly diverse product portfolio.”

Jerry Rivers, chief operating officer of OCIL, commented: “Our partnership allows us to tap into Ironshore’s underwriting expertise, technological efficiencies and production sources, thereby extending our goal to diversify the OCIL business portfolio.”

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