Rating agency AM Best has changed the outlook for Bermuda insurer Ironshore from stable to positive.
At the same time affirmed the financial strength rating of A- (Excellent) and issuer credit ratings (ICRs) of “a-” for Ironshore’s operating subsidiaries.
These include Ironshore Insurance Ltd (Bermuda), Ironshore Indemnity Inc (Minnesota), Ironshore Specialty Insurance Company (Arizona), and Ironshore Europe Ltd.
“In its ratings announcement, AM Best highlighted that the positive outlook reflects the stable progress made by the organization in the build-out of its franchise under the current management,” said Kevin Kelley, chief executive officer at Ironshore.
“Ironshore is pleased with the positive outlook and feel it reflects our momentum in the market and the favourable business model we’ve executed. It further demonstrates our financial strength and recognizes our strong capital base, financial flexibility and experienced management team.”
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Bermuda, Ironshore, AM Best, ICR