Business Moves
Ironshore Insurance
Ironshore Insurance Ltd. was approved on Oct. 25, 2007, to provide property and catastrophe insurance in Louisiana on an excess and surplus basis for risks located in the state. Ironshore will provide commercial property and condominium coverages for the entire state, including coastal-exposed businesses, according to the Louisiana Department of Insurance.
Insurance Commissioner Jim Donelon said the department views “the entrance of Ironshore as a key achievement in our move towards bringing new insurers into the state.”
Ironshore Insurance Ltd. is a Bermuda-based specialty insurance company with over $1 billion of capital. The company provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Ironshore’s initial market profile included property catastrophe and property all-risk coverage for small to mid-sized commercial risks.
With the launch of IronPro in May 2007 and IronBuilt in October 2007, Ironshore expanded its platform into the professional liability and specialty construction market sectors. Ironshore Insurance Ltd. is rated “A-” (Excellent) by A.M. Best Company with a Financial Size Category of Class XI.
GAINSCO
Dallas-based GAINSCO Inc. has formed GAINSCO Motorsports Insurance (GMI) to market third-party insurance products to customers in the motorsports industry. The new unit will operate from Atlanta, Ga.
It will be managed by Christopher S. Maume, who currently operates as an insurance agent in the motorsports industry. Most recently, Maume was president of ProSure Motorsports Protection (ProSure) in Atlanta. ProSure sold the same type of motorsports-related products that Maume will market through GMI. As with ProSure, the business sold by Maume and GMI will be insured solely by unaffiliated third-party insurance companies.
The company believes motorsports insurance correlates closely with its sponsorship of the GAINSCO 99 Daytona Prototype racecar. The GAINSCO 99 racecar recently completed its season long campaign in the Grand-Am Rolex Sports Car Series by capturing the 2007 team and driver championships. GAINSCO became the primary sponsor of the No. 99 car and Bob Stallings Racing during the Grand-Am Rolex Sports Car Series in 2005.
National Equipment Register, Lexington
The National Equipment Register teamed up with Lexington Insurance Company, a member company of American International Group Inc. to help their clients recover stolen equipment and reduce the costs associated with construction theft.
Lexington’s contractors’ equipment policyholders that have registered their equipment on the NER HELPtech database prior to any loss, are eligible to have policy theft deductibles of up to $10,000 waived if the equipment is stolen and not recovered. Lexington also offers a reward for the arrest and conviction of persons involved in each occurrence of theft of registered and insured equipment.