Bermuda-based insurer Ironshore has raised $250 million on the debt market to fuel its continuing growth.

The private offering of 8.50 percent senior notes, due 2020, follows a successful $300 million equity capital raise last year.

"We saw a window of opportunity and felt that it was a good time for Ironshore to enter the debt markets and secure additional capital," said Ironshore's chief executive officer Kevin Kelley.

"The proceeds from the debt will be used to continue to fuel our growth and further develop our specialty insurance platforms. It also offers us the financial flexibility to add depth to our existing businesses.

"Following our successful $300 million equity capital raise in 2009, our inaugural debt issuance was oversubscribed despite turbulent conditions in the credit markets, clearly demonstrating continued confidence in Ironshore and its growth prospects.

"Over the last year we have significantly expanded our operations and we are pleased to have completed this debt issuance in order to further grow and diversify our existing platforms."

The company launched with $1 billion in initial capital in January 2007 has established a foothold across a wide range of insurance lines of business in the US. It also has a Lloyd's platform in the shape of Pembroke, as well as its Bermuda property operation. In addition, Iron-Starr, a joint Bermuda-based venture with CV Starr & Co, offers excess financial lines capacity.