Liberty Mutual Insurance announced on May 1 that it completed its acquisition of specialty carrier Ironshore Inc. from Fosun International Limited after receipt of regulatory approvals.
The U.S. specialty lines business of Ironshore will be combined with the U.S. business of Liberty International Underwriters (“LIU”), a Liberty Mutual subsidiary. The Ironshore brand will remain in use. The combined units will represent the sixth largest writer of excess & surplus lines in the U.S. based on 2016 direct written premium, according to Liberty Mutual.
Global products offered by LIU include coverage for aviation, construction, cyber liability, energy, environmental, excess casualty/lead umbrella, high-risk property, marine/cargo, specialty casualty, specialty motor, surety, and U.S. workers’ compensation.
Initial offerings that will leverage coverage from the Liberty Mutual and Ironshore units will focus on the healthcare and energy industries.
In the healthcare field, brokers will be able to write a single submission to obtain joint Liberty Mutual and Ironshore quotes for their general liability, property, auto, workers compensation and professional lines, including patient evacuation/expense coverages for their senior care facilities.
Combined coverage products in the energy sector will reportedly allow a single submission for general liability, auto, workers’ compensation, lead umbrella and pollution coverages for mid-sized oil and gas lease operators
Liberty Mutual Panel Counsel Implications
It is too early to tell what impact the combined U.S. operations of LIU and Ironshore will have on insurance defense law firms that are members of the Liberty Mutual or Liberty International Underwriters panel counsel programs.
Our industry sources have told us in the past that Ironshore does not generally have a duty to defend their insureds, and as a result does not maintain a panel. If the duty to defend situation changes in the future, this may be a case where insurance industry consolidation might create new opportunities for law firm panel counsel positions.
About Liberty Mutual
Liberty Mutual offers a wide range of insurance products and services, including personal automobile, homeowners, workers’ compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety, management liability, and employment practices liability. Liberty Mutual Insurance employs over 50,000 people in more than 800 offices throughout the world.
Ironshore, founded in 2006, provides broker-sourced specialty commercial property and casualty coverage for risks located in the U.S. and throughout the world. Ironshore’s North American operations write commercial property and casualty insurance, including a variety of coverages in management and professional liability, healthcare liability, cyber liability, aviation, marine re, construction, personal lines, programs, environmental specialty areas, political risk and trade credit, as well as energy, property and casualty.
IronPro products include directors & officers (D&O) liability, employment practices liability (EPLI), fiduciary liability, fidelity insurance, and an array of professional liability insurance products. Their products are available for public companies, private companies, not-for-profits, limited liability companies, financial institutions, limited partnerships, law firms, architectural engineering firms, real estate investment trusts and joint ventures.
Ironshore’s Property division is a core offering of the company. IronBuilt, the construction division, provides customized solutions for the complex risks of the construction industry, including residential and commercial wrap-ups/project specific policies and practice policies for subcontractors, commercial general contractors and construction-related businesses.
Legal Marketing Help for Insurance Defense Law Firms
If your insurance defense law firm is asking how you can get on more insurance panels, give us a call. We have helped more than 100 insurance defense law firms pursue new panel counsel clients.
Legal Expert Connections, Inc. offers three key benefits to insurance defense law firms nationwide:
- We are the leading U.S. legal marketing agency specializing in the insurance defense market. We know the panel counsel process, and focus on helping you get new engagements.
- Save time and money. You get quality results without the need to invest in senior in-house marketing / business development staff with the associated overhead expense for office space, equipment, and benefits.
- Increase revenue with professional, on-going legal marketing campaigns. We do the research to identify insurance panel managers, so you can accelerate your business development process.