Bermuda-based Ironshore to establish European hub here
BERMUDA-based Ironshore Group has become the latest international insurer to set up a European base in Dublin.
A spokesperson yesterday confirmed that the new Irish operation would be equipped to write as much as €75m in complex risk business in its first year.
The Dublin-based business is creating seven jobs immediately and Ironshore yesterday said it was "certain that staff members will grow alongside the business".
"We expect the business to grow reasonable quickly as some of products such as environmental insurance are entering an under-served market place," a spokeswoman added.
The new Irish operation will be headed by Fiona Marry, who yesterday said the Dublin office would create "new distribution channels that broaden the Ironshore brand to European markets".
Ms Marry has more than 20 years' experience in the international insurance industry, most recently as European casualty manager with Allied World Assurance Company Dublin.
Ironshore joins a long list of international insurers with extensive operations here, including Ace, Aon and XL.
Ireland was selected because of its being a "well-regulated, business-friendly... environment", a spokeswoman said.
It also had an "established insurance industry presence", she added.
Parent company Ironshore has capital of $1.7bn (€1.3bn) and already sells from Bermuda, the UK, Canada and the United States.