2009 | Press Release

Jul 6 , 2009 – Ironshore partners with Rockwood Programs to acquire Wright & Co.

IRONSHORE PARTNERS WITH ROCKWOOD PROGRAMS
TO ACQUIRE WRIGHT & CO.
Hamilton, Bermuda, July 6, 2009 – Ironshore Inc. announced today that its wholly owned
subsidiary, Ironshore Holdings (U.S.) Inc., and Rockwood Programs Holdings Inc. have entered
into an agreement with Special Agents Mutual Benefit Association to acquire all of the issued
and outstanding capital shares of Wright & Co. Headquartered in Arlington Virginia, Wright &
Co. is a program administrator that for over 43 years has arranged and administered professional
liability and employee benefits coverages for employees of the United States government, with a
particular focus on law enforcement personnel, such as employees of the FBI.
Ironshore will be the majority shareholder of Wright & Co. and will appoint a majority of Wright
& Co.’s Board of Directors, including the Chairman. It is anticipated that one or more insurance
company subsidiaries of Ironshore will underwrite the Professional Liability coverage
administered by Wright & Co., while Personal Umbrella lines, Life, Health, Dental and
Disability insurance coverages will continue to be provided by third party insurance companies.
Rockwood Programs will provide certain services and manage the daily operations of Wright &
Co., under the leadership of Glenn W. Clark, CPCU.
Glenn Clark, who will serve as Wright & Co.’s President, stated that, “Our team is thrilled to be
partnering with Ironshore. We know their management well and share their rock solid
commitment to profitable growth. Wright & Co. gives us an excellent platform to fully utilize
our direct marketing skills, back office technology platform, and fifty states licensing to grow the
venture.”
Shaun Kelly, CEO of Ironshore’s US Operations, commented that, “We are very excited about
the opportunity to partner with Glenn Clark and Rockwood Programs in this transaction. Wright
& Co. has offered valued coverages and services to government employees for decades and we
look forward to building on this solid relationship in the years ahead.”
Ironshore provides broker-sourced specialty commercial property and casualty coverages for
risks located throughout the world. Through its platform in Bermuda, including Iron-Starr
Excess, Ironshore writes property and excess casualty insurance for commercial risks.
Ironshore’s U.S. operations write commercial property and casualty insurance, including a
variety of coverages in the Management & Professional Liability, Healthcare Liability,
Construction and Environmental specialty areas. Specialty coverages are underwritten at Lloyd’s
through Ironshore’s Pembroke Syndicate 4000.
The Ironshore group of insurance companies is rated A-(Excellent) by A.M. Best with a
Financial Size Category of Class XI. 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 www.ironshore.com.
Mystic Capital Advisors Group, LLC advised Wright & Co on the transaction. For more
information on Mystic Capital, please visit www.mysticcapital.com or call 704-366-2153.

Similar Posts