Best Comments on Resignation of Ironshore’s Rock

A.M. Best Co. has commented that the ratings and outlook of Cayman Islands-based Ironshore Inc. and its operating subsidiaries are unchanged following the resignation of the company’s chief underwriting officer (CUO), Les Rock.

Ironshore’s operating subsidiaries include the Bermuda-based Ironshore Insurance Ltd. and Ironshore Reinsurance Ltd., Ironshore Indemnity Inc. of Minneapolis, and Ironshore Specialty Insurance Company of Phoenix.

Rock tendered his resignation as CUO of Ironshore, effective today, October 31 (See related article). He had held that position since the company’s formation in 2007. “Given this departure, management has initiated a transition of Mr. Rock’s underwriting duties to several experienced property underwriters within the Bermuda platform,” Best noted. “Additionally, the chairman of the Underwriting & Risk Committee of the Board of Directors, Russ John, has agreed to take on a more active oversight role for underwriting at each of the platforms in Bermuda, the United States and United Kingdom.”

Best described the solution as adequate in the short-term, and said it would “re-evaluate this issue once a permanent replacement has been made.”

Best also indicated that “despite this change in management, the underwriting strategies of Ironshore will remain unchanged. Furthermore, premium lost due to Mr. Rock’s departure is expected to be minimal. Moreover, Ironshore has the depth in Bermuda to continue to underwrite property lines with several senior underwriters that have extensive experience writing property lines of business.”

Source: A.M. Best Company – www.ambest.com