Business briefs: Ironshore increases stake

Ironshore Inc has increased its stake in Lexon Surety Group to 20 per cent.

This was pursuant to an option that it received as part of its initial investment in Lexon in 2013.   

The additional investment in Lexon follows the inclusion in December 2013 of Ironshore Indemnity Inc. and Ironshore Specialty Insurance Company on the US Department of Treasury’s Listing of Approved Sureties. 

“Increasing our ownership to 20 per cent is the next step in building our strategic alliance with Lexon and expanding Ironshore’s participation in the surety market,” said Paul S. Giordano, chairman of Ironshore for Political Risk, Special Risk and Surety.  “Our latest investment adds to Lexon’s financial strength and positions us well with Lexon to grow their nationwide franchise.” 

Ironshore appointment

Jennifer Hicswa is the new branch manager of Ironshore’s  new Charlotte, North Carolina, office.  

Ms Hicswa will be responsible for overseeing the distribution and underwriting of Ironshore’s Property & Casualty lines of business, reporting to Scott Fitzmaurice. n