Bermuda-based insurer Ironshore Inc. has completed a $300 million capital raise that will increase its ability to capitalise on market opportunities.

The company said in a statement yesterday that the money will be used to support the continued expansion of Ironshore's specialty insurance business.

Lead investors in the transaction include GTCR Godler Rauner LLC, a private equity investment firm that purchased $200 million of newly issued Ironshore equity.

One of Ironshore's founding investors, Calera Capital, chipped in with $50 million of equity capital, while the company secured a further $50 million from new and current stakeholders.

"This equity raise comes at a time when capital is scarce, which clearly demonstrates the market confidence in Ironshore and our prospects for future growth," said Kevin Kelley, Ironshore's chief executive officer.

"We continue to see significant dislocations in selected segments of the market that will allow us to venture forth with the necessary capital to further leverage industry opportunities."

Mr. Kelley noted that Ironshore continues to grow its diversified insurance platforms in the US, Bermuda and London. "With this infusion of additional capital, we can expand our infrastructure to continue building our competitive, highly-focused specialty insurance company."

Merrill Lynch & Co. and Aon Benfield Securities, Inc. acted as placement agents for Ironshore, and Dewey & LeBoeuf LLP provided legal counsel.

Ironshore started with around $1 billion in start-up capital in early 2007.

Its expansion, particularly through its US operating subsidiaries IronPro, IronHealth and IronBuilt, has been rapid. It also has access to the Lloyd's of London market through the Pembroke Managing Agency, which manages Syndicate 4000.

In June, Mr. Kelley told this newspaper that the company expects to double its business, in terms of gross premiums written, this year.