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GTCR to invest in Ironshore

GTCR, a US-based private equity firm, has agreed to invest USD200m in Ironshore, a specialty insurance company.

GTCR, a US-based private equity firm, has agreed to invest USD200m in Ironshore, a specialty insurance company.

GTCR will serve as lead investor in the financing, which will involve a number of existing investors and will collectively provide the company with up to USD300m in new equity. The transaction is subject to regulatory approvals and customary closing conditions.

The investment by GTCR will facilitate Ironshore’s growth strategy as the company continues to expand its footprint and product offerings.

Industry veteran Kevin H. Kelley (pictured) joined Ironshore as chief executive in December 2008 and subsequently hired several people from across the specialty insurance sector. This enabled the company to enter new lines of business.

Kelley says: ‘This private placement gives us additional capital to support our strategic growth plans, which have accelerated in recent months as we enter into a number of new specialty lines. We are grateful to receive financial support from GTCR, as well as from our existing investors. GTCR has a long and successful track record of partnering with management teams to build industry-leading companies.’

Ironshore currently operates as a diversified, specialty insurance carrier with operations in Bermuda, the US and the UK. Ironshore underwrites professional liability, medical malpractice, environmental, property liability and casualty business from offices throughout the US. It also writes property catastrophe and property all-risk coverage for small to mid-sized commercial risks through its headquarters in Bermuda. In London, specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate.

‘We are enthusiastic about working closely with Kevin and his team, one of the industry’s most talented and proven teams, to help accelerate profitable growth at Ironshore,’ says Aaron Cohen, vice president at GTCR. ‘This opportunity aligns well with GTCR’s successful, long-standing investment philosophy of partnering with exceptional management teams to build leading companies in growing industries.’

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