Ironshore has been knocked back in its attempts to get a foothold in the Lloyd's of London marketplace.

That is according to The Insurance Insider publication, which reported this month that Lloyd's insurer Heritage Underwriting Agency rebuffed an approach from the recently incorporated $1 billion capitalised Bermudian insurance company.

It went on to say that, despite the rejection, Ironshore remains interested in acquiring the specialist firm, which is quoted on the London Stock Exchange's Alternative Investment Market (AIM).

Ironshore is believed to have made an offer of around £1.35 per share for the company this month, significantly under Heritage's valuation.

Fellow Lloyd's insurers Atrium Underwriting and Talbot Holdings were both sold to Bermudian insurers earlier this year for multiples of around two times the book value.

But, in contrast to Atrium, Heritage controls the majority of the capacity on its Lloyd's syndicate, which will underwrite with $325 million of capacity next year.

The prospect of a link-up between Ironshore and Heritage is made even more intriguing by the fact that former Heritage underwriter Les Rock is now head of underwriting at Ironshore, having left his previous employers in 2006 before the firm's initial public offering on London's AIM.

When Ironshore raised more than $1 billion in a private placement - from investors such as Bear Stearns, Calera Capital and TowerBrook Capital - it claimed it wanted three platforms: a Bermudian insurance company, a US carrier and a Lloyd's syndicate, which is expected to be called Ironshore Managing Agency, said the publication.

Getting its foot in the door at Lloyd's would be the final piece to the jigsaw after acquiring an admitted US carrier in the form of Stockbridge Insurance from Folksamerica Reinsurance and building a professional liability arm, IronBuilt, allied to its AM Best A- rated Bermudian insurer Ironshore Insurance.

And, Ironshore founder and board member Bob Clements, told The Insurance Insider admitted he was a big admirer of the Lloyd's platform.

"Anyone who wants to do global business, now views London as absolutely essential because there is an awful lot of business that only comes through the English speaking markets via London.

"At two times book value, there is not a Bermuda insurer, from Arch downwards, that has a similar multiple."