January 12: Business briefs

A.M. Best Company has affirmed the financial strength rating of ‘A’ IX (excellent) of American Safety Insurance’s Bermuda reinsurance and U.S. insurance subsidiaries.

The ratings agency also assigned a “stable” outlook.

Stephen R. Crim, president and CEO of American Safety Insurance Holdings, said: “We are pleased to receive the positive outlook. We believe it recognizes the successful implementation of our growth and diversification strategy, while maintaining profitability in a continual soft market.”

A.M. Best’s financial strength rating rationale states: “The rating reflects the group’s excellent capitalization, solid overall operating results and effective management of its insurance operations.”

Ironshore expands into Ireland

Bermudian (re)insurer Ironshore has opened a company in Ireland.

The Dublin-domiciled firm, Ironshore Europe, is part of Ironshore International and was launched following approval from the Bank Of Ireland.

Fiona Marry will serve as CEO, while the board will be chaired by Mark Wheeler, CEO of Ironshore International.

Ironshore Europe will underwrite a diverse range of specialty lines.