Ironshore Inc. and Lexon Surety Group completed the first stage of a new strategic alliance in the surety market. Lexon writes more than $100 million in direct written premium annually and is the 12th largest writer of surety bonds in the United States. Ironshore’s subsidiaries will provide quota share reinsurance and primary fronting facility on new and renewal business for most types of U.S. commercial and contract surety risks. In addition, Paul S. Giordano, chairman of Ironshore’s political risk, special risk and surety businesses, will become a director of Lexon.
“Entering the surety market has long been a strategic goal of Ironshore and this will allow us to meet a broader range of customer needs. We are very pleased to be doing so through the alliance with Lexon,” says Ironshore Chief Executive Officer Kevin H. Kelley.
“Lexon’s staff and management are excited to work with a company of Ironshore’s stature in order to further enhance our market position,” says Lexon President and Chief Executive Officer David Campbell.
“Lexon possesses strong leadership, industry knowledge and underwriting expertise,” Giordano says. “Adding our financial strength to Lexon’s through reinsurance, together with our fronting facility, will create a powerful new combination for surety buyers and their agents.”
Ironshore provides broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms. The Ironshore group of insurance companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit http://www.ironshore.com.
Lexon Surety Group, LLC is a privately held insurance holding company specializing in the business of surety bonds. Currently, Lexon’s products are available in 49 states, Washington D.C., Guam, and The Northern Mariana Islands, and all U.S. properties located overseas. Lexon writes contract surety bonds, off-site subdivision surety bonds, commercial license and miscellaneous surety bonds, court civil and probate surety bonds, fidelity surety bonds and environmental surety bonds for individuals and companies of all sizes. Lexon Surety Group, LLC is comprised of Lexon Insurance Company and Bond Safeguard Insurance Company, both headquartered in Mt. Juliet, Tenn. For more information, visit http://www.lexonsurety.com.
The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Bound insurance policies, rather than summaries thereof, govern. Not all insurance coverages or products are available in all states and policy terms may vary based on individual state requirements. Some policies may be placed with a surplus lines insurer. Surplus lines insurers generally do not participate in state guaranty funds and coverage may only be obtained through duly licensed surplus lines brokers.