Iron-Starr Excess Agency Ltd and Hamilton Re have entered into an underwriting partnership.

Iron-Starr, a Bermuda-based specialty lines insurance managing general underwriting agency formed in 2009 through a partnership between Ironshore and Maurice (Hank) Greenberg’s CV Starr & Co, said today that Hamilton Re had been added as a subscribing insurer.

The statement added: “With the addition of Hamilton Re, Iron-Starr will be able to offer increased capacity for the full suite of Iron-Starr insurance products across casualty, financial lines and healthcare.”

Hamilton Re is the reinsurance operation of Hamilton Insurance Group, which is led by chief executive officer Brian Duperreault and which has more than $800 million in capital.

“It’s heartening to embark on a relationship with two companies for whom I have the utmost respect,” Mr Duperreault said. “I’ve known CV Starr chairman and CEO, Hank Greenberg, and Ironshore CEO, Kevin Kelley, virtually my entire professional career. Hank and Kevin are among the best in the business, and I’m delighted to be partnering with them on this exciting initiative.”

Iron-Starr currently underwrites on behalf of Ironshore Insurance Ltd (IIL) and Starr Insurance & Reinsurance Ltd (SIRL). Iron-Starr was founded with the aim of offering syndicated capacity to clients for excess liability products through a single access point.

“Bermuda remains a core market for purchasing such products, and the addition of Hamilton Re to Iron-Starr strengthens its capabilities and creates a larger pool of excess capacity available to current and potential clients,” Ironshore’s statement added.

Ironshore CEO Kevin Kelley said: “Ironshore is pleased to announce that Hamilton Re joins Iron-Starr as a premier underwriting partner.

“Hamilton Re has quickly assembled a cadre of talented and well-respected insurance industry leaders and we look forward to a successful partnership as we develop innovative insurance programmes for our mutual clients.”

Iron-Starr CEO Mitch Blaser said: “This partnership is a positive step for both the Iron-Starr agency and for the Bermuda market overall as we further advance the concept of syndication of risk. Iron-Starr can now provide additional market capacity, through a single access point, to strongly rated and well-respected insurance carriers.”

Hamilton Re CEO Kathleen Reardon said: “We are pleased to join Ironshore in this new venture, which dovetails nicely with our plans for growth and development. Iron-Starr’s established book of business, seasoned team of underwriters and first-class claims operation provide a sound business case for our access to direct business. We are looking forward to the opportunities presented by this partnership.”