2013 U.S. Corporate Overview. Access Experience. Get Results.

Transcription

1 2013 U.S. Corporate Overview Access Experience. Get Results.

2 Access to experience is EVERYTHING. When Ironshore launched in 2006, the industry didn t need another insurance company. It needed a different kind of insurance model one that was designed to be nimble and responsive. Since day one, Ironshore was built around the simple premise that our broker partners will always have direct access to our leadership team. Senior executives who average 30 years of experience. Experts who take the time to understand your business, have the freedom to move quickly and are accountable for every decision they make. From initial policy review to account management and claims processing, our close working relationship enables us to customize the most efficient solutions. It s one of the main reasons why we launch so many new products year after year. In fact, Advisen has named us one of the most innovative companies in the industry three years in a row. Ironshore has expanded into every major region in the world with more than a dozen business units driving our growth. More than half of Fortune 500 companies and the majority of Fortune 100 companies have partnered with us for our strong work ethic, financial capital and core values. But rest assured, no matter how much we grow, our approach to your business will be just as relentless and hands-on as the day we started. This is the promise we make. And more importantly, the one we keep, in our pursuit of long-term partnerships. Kevin Kelley CEO, Ironshore Inc. 1

3 Corporate Overview Our growth is unprecedented. Founded with over $1 billion in private equity capital, Ironshore s total capitalization today is nearly $2 billion and our invested assets and cash exceed $3.5 billion. Since inception, our gross written premium has quintupled to $1.7 billion. We have no legacy issues or investments in hedge funds, derivatives, alternative assets, preferred shares or convertible shares. Our ratio of claims to shareholder equity is 75%, which is extremely low compared to industry averages. In short, to say we are well capitalized is an understatement. Our company is rated A (Excellent) Positive Outlook by A.M. Best with a Financial Size Category of Class XlV. Our Pembroke Syndicate 4000 operates within Lloyd s, where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Fitch and Standard & Poor s. A.M. Best also recognized us a top 10 Surplus Lines carrier in the U.S. Ironshore provides broker-sourced specialty commercial property and casualty coverage for risks located in the United States and throughout the world. Ironshore s North American operations write commercial property and casualty insurance, including a variety of coverages in Management & Professional Liability, Healthcare Liability, Aviation, Marine Re, Construction, High Value Homeowners, Programs, Environmental specialty areas, Political Risk and Trade Credit, as well as Energy, Property and Casualty. Specialty coverages are underwritten by Lloyd s through Ironshore s Pembroke Syndicate Ironshore has expanded into every major region worldwide with operating platforms in Bermuda, U.S., U.K., Ireland, Canada, Australia and Singapore. Our global footprint enables us to consistently foster strong relationships with our broker partners on a local level. 2

4 Our most important asset is our people. The only thing more important than our financial capital is our human capital. As a private company, Ironshore has been able to attract the top professionals in the industry. Employees empowered to act like entrepreneurial owners, because indeed, they are. We ve stripped away the layers so our broker partners will always have direct access to senior-level decision makers across our entire company. Key executives who average 30 years of experience. These highly motivated leaders manage experienced underwriting teams who adapt to marketplace changes, industry trends, legislative pressure and, of course, client needs to navigate risks that are becoming increasingly complex. In other words, we know how to think in terms of solutions, not just products. Our knowledge, energy and diverse experience have immediate impact on the long-term vitality and well being of your business. We ve worked in the industry long enough to know what works and what doesn t anymore. Smart and nimble works. At Ironshore, our relentless approach to service, a strong work ethic and long-term product innovation continue to strengthen our relationships with existing clients and our reputation within the industry. And if you re still not convinced of our commitment, we invite you to ask more than half of the Fortune 500. KURT SUHS Vice President, IronPro SUSAN KOSTRO Senior Vice President, Ironshore Specialty Casualty 3

5 LAINIE DORNEKER Vice President of Custom Accounts, IronHealth At Ironshore, the people who make the promises, keep the promises. We understand that clients purchase insurance to be protected in the event of a loss. We follow through on our pledge to protect. SHARONE MENCZEL Vice President, Special Risks TOBY SMITH & MICHAEL GILL Vice Presidents, Ironshore Environmental 4

6 Our process is simple. When Ironshore launched, our culture and paradigm was designed to be different from the industry standard. We developed a flat structure so our senior executives would always be accessible to our broker partners. We included our claims team in the underwriting process. We tore down the walls between business units so our thought leaders could share information and ideas more easily. At the time, it was fairly radical. It was also very logical. In a short period of time, Ironshore has succeeded at diversifying risk across a variety of specialty property and casualty classes. Since no two companies are alike, we believe their risk management planning should be equally customized. That s why our management team takes the time to learn about your operations, challenges, risks and goals to build long-term solutions. This integrated approach minimizes our clients overall time investment and ensures a seamless transition throughout the process, from initial policy review to final agreement. It s why a great deal of our business comes from long-term partners in the insurance brokerage community. We realize our entrepreneurial approach and commitment to service is unique in the category. But then again, so is our astounding growth. Even as we continue to expand globally, our leadership team remains just as nimble and responsive as the day we first opened our doors. New Product Development This past year Ironshore launched a host of new products, many of them industry firsts. Our Highly Protected Information (HPI ) endorsement protects companies from data loss. Integrated Delivery Organization (IDO) is a policy that enables healthcare providers to consolidate separate liability programs into one integrated plan. We developed MMSEA Exposure Solutions to protect healthcare organizations against Medicare and Medicaid filing and billing errors. Our global business unit leaders meet regularly to discuss new government regulations, industry trends and market conditions. By sharing information along with input from clients and brokers, our leadership team is better equipped to collaborate on potential new product ideas. Understanding the regulatory environment and challenges affecting our clients is critical to the future of their growth and, ultimately, ours. This proactive philosophy has solidified our position as a leading innovator in the marketplace. In fact, we ve developed a reputation for addressing the industry s most complex risks. It s no wonder that Advisen has recognized Ironshore as one of the top innovators in the industry three years in a row. 5

7 Claims Services Common sense is at the heart of our culture. Our in-house claims group collaborates closely with each of our underwriting business units and product leadership team nationally. Ultimately, the people who are responsible for the quality of our policies are also responsible for policy service and support, particularly in the event of a claim. While this integrated service model seems fairly obvious, it s unique within the industry. So when it comes to settling a claim, we have an in-depth understanding and expeditious approach to claims management and fair process resolution. We know this from the surveys we conduct after each claim, which provide Ironshore with important, direct feedback from our brokers and clients. This process enables us to make certain that we stand true to our promise and deliver on our pledge of service. With the risks that exist in the market today, there s never been a greater need for a trusted resource that can handle your claim in a responsive and efficient manner. And at Ironshore, we re committed to being that resource. MIKE MITROVIC President, Ironshore Global Claims 6

8 Aviation The aviation industry operates under great risk on a daily basis. The financial pressure in the industry and increased manufacturing competition abroad also make it imperative to partner with a first-class insurer. Ironshore insures all classes of aviation and aerospace risks worldwide through agreements with Starr Aviation Agency, Inc. and its affiliates. Ironshore s underwriting managers provide leading global aviation and aerospace expertise in the emerging space insurance sector. We insure the majority of the world s major airlines, manufacturers and private luxury carriers. Through Starr Aviation, Ironshore also delivers customized safety and loss control services to insureds, as well as market-leading claims management services. 7

9 Aviation Product Descriptions Aerospace We can write up to 4.5% on major manufacturers and up to 6% on non-major manufacturers. We underwrite the following classes directly through Starr Aviation: Airframe, engine and component manufacturers Airports Service providers Air traffic control Airlines Ironshore underwrites airlines directly through Starr Aviation. We can write up to 4% on major airlines and up to 5.5% on non-major airlines. Major airlines - national and regional General Aviation Through Ironshore s underwriting managers we participate in the General Aviation, Complex Risks and Space Insurance business writing 8.5%, 15% and 10% respectively. The following describes the types of risk included in each class: Corporate, government and managed fleets Pleasure and business Corporate non-owned Agricultural/aerial application Space Insurance Ironshore provides the following coverage: Commercial satellite owners, operators and users Launch vehicle suppliers and users 8

10 Ironshore Specialty Casualty Now more than ever, you need an insurance partner that has in-depth experience navigating the economic and legal shifts across every category. Our Specialty Casualty coverage is a key asset that will protect you against a wide variety of liabilities. Ironshore s national team of skilled Specialty Casualty production specialists will quickly respond to your needs to customize a plan that is not only proven to maximize efficiencies by specific industry, but also for the components of each company. Ironshore s Specialty Casualty team of experienced leaders are always breaking new ground in this category. In fact, we ve created innovative product offerings such as Crisis ThreeSixty and the EPLI Hotline that are proprietary firsts in the industry. Our extensive experience and flexible approach enables our team to creatively solve complex problems and minimize even the most daunting risks. It s no wonder we ve developed a reputation for addressing some of the industry s more unique challenges. Ironshore Specialty Casualty products are available for a diverse mix of industry classes, including but not limited to manufacturing (including moderate to high hazard product exposures), energy, transportation (including Class I and II railroads), agriculture, commercial construction, public entities (including higher education and religious institutions), restaurants, hotels and real estate. The agricultural industry in the United States and globally is expanding rapidly to meet the needs of a growing population. In particular, there is an increase in demand from developing countries experiencing a significant expansion of their middle class population who have more disposable income to spend on higher quality food products. In order to meet the specialized coverage needs of this important industry class, Ironshore s lead umbrella policy is designed to provide critical coverage enhancements that standard umbrella markets are often hesitant to offer. Ironshore is also able to provide Follow Form excess liability coverage to agriculture accounts that require greater limits of liability. 9

11 Ironshore Specialty Casualty Product Descriptions Ironshore AgriProtection Insurance The agricultural industry is globally expanding rapidly to meet the needs of a growing population. In particular, there is an increase in demand from developing countries experiencing a significant expansion of their middle class population who have more disposable income to spend on higher quality food products. In order to meet the specialized coverage needs of this important industry class, Ironshore s lead umbrella policy is designed to provide critical coverage enhancements that standard umbrella markets are often hesitant to offer. Limits up to $25M Casualty Buffers A minimum attachment point of $1M, emphasizing Product Liability, General Liability and Auto Liability coverage. Either Excess Liability or Retained Amount policy is provided. Underlying carriers must be rated A- with a Financial Size Category of VII or better by A.M. Best. Limits up to $5M Energy Our coverage includes oil and petrochemicals, refineries, oil and gas exploration, drilling contractors, pipeline owners and operators, electric and gas, nuclear utilities, alternative energy sources and utility contractors, among other areas. Limits up to $25M Excess Liability The Excess Liability policy is largely a Follow Form contract that can be used for both occurrence and claims-made accounts. The minimum attachment is $5M, which is available for many classes of business. Underlying carriers must be rated A- with a Financial Size Category of VII or better by A.M. Best. Minimum policy premiums range from $50,000 to $125,000, depending on limits, attachment points and class of business. Limits up to $25M Our senior executives average 30 years of experience. It s no wonder more than 80% of the Fortune 100 trust Ironshore. 10

12 Ironshore Specialty Casualty Product Descriptions General Liability Ironshore offers ISO-based occurrence or claims-made coverage with a minimum attachment point of $10,000. Accounts with claims severity, not frequency, are targeted. Deductibles up to $50,000 are provided. For accounts with retentions greater than $50,000 a self-insured retention is required. Limits up to $5M Lead Umbrella We provide an ISO-based occurrence or claims-made lead umbrella policy or an integrated casualty policy developed specifically for public entities. The minimum attachment points are as follows: General Liability $1M/$2M Automobile Liability $1M combined single limit Employers Liability $500,000 Other underlying coverage will be considered at various attachment points. Underlying carriers must be rated A- with a Financial Size Category of VII or better by A.M. Best. Crisis ThreeSixty: pre- and post-event crisis management coverage Limits up to $25M Public Entities Ironshore insures towns, cities, counties, states, schools including K-12 (both public and private), water, sewer, special districts, higher education institutions, religious institutions, individual and pooled risks. Coverage includes General Liability, Automobile Liability, Public Officials or School Board Errors & Omissions, Employment Practices Liability, Employee Benefits Liability, Incident Medical Professional Liability, the Crisis ThreeSixty policy enhancement and an EPLI Helpline, dedicated to addressing timely and complex employment practice issues, as a service to certain public entities. Limits up to $25M Transportation Ironshore Specialty Casualty offers excess liability products designed to cover a wide range of transportation risks. Our seasoned underwriting team has the expertise required to understand the complex risks and coverage needs of the transporation industry. With our creativity and flexible approach, Ironshore has the ability to deliver comprehensive insurance solutions to guard against even the most challenging transportation risks. Limits up to $25M 11

13 Programs Ironshore understands the needs of Program Administrators and that s why our coverages are carefully designed to help meet their market demands. We have the flexibility to react to the needs and requirements of the program marketplace while applying an efficient and opportunistic approach underwriting approach. Ironshore Programs is interested in select segments of General Liability, Professional Liability, Medical Professional Liability and Umbrella. We are looking to develop profitable and long-term relationships with Program Administrators that have the underwriting, marketing and distribution expertise in non-commodity classes of business across the United States. Casualty We target commercial contractors (Primary and Umbrella Excess), social services and non-profit organizations (Primary and Umbrella Excess), real estate exposures (Umbrella Excess), hospitality exposures, the firearm industry (Primary) and crane & rigging and specialized transport (Umbrella/Excess) managers. Medical Professional Liability Our coverage includes physicians and surgeons, including specialized coverage for bariatric physicians, among other areas. Personal Lines We have specialized programs for antique and collectible automobiles and high-value homes and fine arts. Professional Liability We underwrite coverage for Federal Employees Professional Liability and small law firms, including other areas. Property Our coverage includes fine arts and inland marine (relocation, moving and storage). 12

14 Ironshore Environmental Environmental accidents happen. Even to those who follow environmental regulations and practice sound risk management. So every decision regarding the protection of business assets against an accident is important, including your choice of an environmental insurance partner. That s why Ironshore has assembled one of the most experienced environmental insurance teams in the industry. Our knowledgeable partners have the expertise to anticipate the unforeseen and the professionalism to treat your business as if it were their own. From comprehensive coverage to responsive claims assistance, we ve designed a customized suite of products that gives policyholders access to unmatched insurance protection from the myriad of environmental hazards that can threaten their businesses. To guarantee continuity in all our policies, our production specialists and in-house claims team collaborate, so in the event of loss we ll deliver fast, effective resolutions in real time. When every second counts, isn t it reassuring to know that the team that made the promise will also be the same one that keeps it? 13

15 Ironshore Environmental Product Descriptions Contractors Environmental Legal Liability (CELL) The CELL policy provides Occurrence Pollution Liability coverage for pollution incidents arising out of the operations of contractors and consultants, including pollution incidents arising from transported cargo, time element site pollution and blanket non-owned locations. Defense expense is outside the limit and the deductible. Any classification of contractor or consultant is eligible. Limits up to $30M Environmental Protection Insurance Coverage Package (EPIC PAC) EPIC PAC provides a unique combination of General Liability, Contractors Pollution Liability, Site Pollution Liability and Professional Liability coverage. Coverage provided to protect the vast majority of manufacturing and distribution companies, fixed-site facility operators, as well as those involved in environmental contracting or consulting operations. General Liability Limits are: $1M each occurrence $2M general aggregate Excess Coverage Excess Coverage is Follow Form over the EPIC PAC, Employers Liability, Pollution Liability and Environmental Professional Liability combination insurance programs. Limits up to $30M Site Pollution Incident Legal Liability Select (SPILLS) The menu-driven SPILLS policy provides coverage written on a claims-made basis, including first and third party remediation expenses, emergency response expenses, third party claims for bodily injury and property damage, including natural resource damages, first and third party transportation, blanket non-owned locations and business interruption. Any classification of risk is eligible in the U.S. Limits up to $30M We are one of the fastest growing insurance companies in the world. And yet, we still consider ourselves a startup. 14

16 Ironshore Environmental Product Descriptions Site Pollution Incident Legal Liability Select (SPILLS) Oil & Gas Ironshore SPILLS Oil & Gas is a comprehensive environmental insurance program that assists upstream and midstream oil and gas companies by managing their environmental exposures while providing valuable coverage rarely included in their standard insurance programs. Coverage in the U.S. is available for crude oil and natural gas wells, pipelines, compressor stations, processing facilities and storage facilities for both operators and non-operators, including concerns related to hydraulic fracturing. Limits up to $30M Site Pollution Incident Legal Liability Select (SPILLS) Education Ironshore SPILLS Education is an expansive environmental insurance policy that assists schools in managing their environmental exposures in an affordable manner. Target classes of business include public and private (K-12) schools, colleges, universities and other educational facilities. Some exposures include mold, contaminated drinking water, PCB-containing materials, Legionella and carbon monoxide. Limits up to $30M Site Pollution Incident Legal Liability Select (SPILLS) Healthcare Ironshore SPILLS Healthcare is a complete environmental insurance policy that assists healthcare facilities in managing their environmental exposures in a cost-efficient manner. Target classes of business include hospitals, assisted living facilities, skilled nursing facilities, hospice services and other medical facilities in the U.S. Limits up to $30M Site Pollution Incident Legal Liability Select (SPILLS) Hospitality Ironshore SPILLS Hospitality is an extensive environmental insurance policy that helps hospitality and leisure facilities manage their environmental exposures in an economical manner. Target classes of business include hotels, motels, resorts, cruise ships and other hospitality and leisure facilities in the U.S. Limits up to $30M 15

17 High Value Homeowners The best way to protect high-value assets is to work with a premier insurance partner. Ironshore s Personal Lines products offer specialized insurance solutions for properties valued in excess of $1 million. Our business model gives our clients access to experienced talent on a daily basis from initial evaluation to policy handling and claims. Our ability to understand local requirements enables our team to approach claims in an expeditious manner. Our high-value home owners program in Florida has been so well received we expanded this coverage to Massachusetts and Rhode Island. We are committed to providing superior service to our clients. Our policies are customized to clients needs based on personal contents and geographic regions. After all, no two homes are alike, and their insurance coverage shouldn t be either. Higher Property & Deductible Limits Ironshore provides minimum coverage A values of $1M and higher. Deductible options range from 2% up to 25% for windstorm and from $1,000 up to $50,000 for all other perils. Liability Protection We offer comprehensive Personal Liability coverage up to $1M, including personal injury and identity fraud protection. Liability can be extended from primary home to cover additional secondary locations. Primary & Secondary Coastal Locations Ironshore understands that high net-worth clients have property in the most desirable locations. We can provide protection, including extended replacement cost options, for coastal properties, as well as secondary risks. Scheduled Property We offer the convenience of blanket personal articles coverage up to $50,000, with a per item limit of $10,

18 Ironshore Energy Energy is one of the fastest-changing industries in the world. With oil and gas prices rising along with the demand for green energy projects, clients and brokers require record response times. Ironshore s infrastructure provides access to senior leaders that have in-depth energy expertise, and our proven track record for smart, efficient service is well regarded in the industry. Ironshore s dedicated Energy team underwrites comprehensive coverages on commercial risks across virtually all classes within the specialty Energy sector from Casualty and Property to Environmental. 17

19 Ironshore Energy Product Descriptions Casualty Our coverage includes upstream exploration and production, mid-stream assets including finished product pipelines and gas processing, refining including topping plants, electric utilities, IPPs, electric co-ops and ISOs in the U.S. We also cover mining, both above and below ground. General Liability limits are: $1M each occurrence $2M general aggregate $1M products/completed operations aggregate Environmental Ironshore Environmental s Site Pollution Incident Legal Liability Select (SPILLS) policy provides comprehensive environmental coverage for the energy sector, including oil and gas exploration and production, gas processing facilities, pipelines, storage terminals, refineries and gas stations. Other energy-related classes of business we consider are utilities, including coal and gas-fired power plants, alternative energy plants, petrochemical facilities and mines. Broad environmental liability coverage is also available for all classes of contractors working in the energy sector via our Contractors Environmental Legal Liability (CELL) policy. Capacity for both policies is $30M Property Ironshore underwrites comprehensive coverage on commercial risks across virtually all classes within the specialty energy sector, including alternative energy, basic metals and glass, chemicals, cogeneration, electric utilities, gas plants, pulp and paper, petrochemical facilities and refineries. Capacity uses: $25M available for Non-Tier l states (excluding California) $10M available for Tier l states $5M available for critical cat and refining/petrochemical accounts The only thing stronger than our financial capital is our human capital. 18

20 IronHealth The U.S. healthcare industry is changing more rapidly than ever. Financial constraints and inherent risks have never been greater. You need more than a specialty insurance provider; you need an experienced long-term partner one that creates real solutions for real challenges. IronHealth has created a nimble, adaptable structure that enables our clients to access senior, industry-leading professionals on a consistent basis. From initial strategic review to addressing category shifts and exposures specific to your assets, our business model is designed to customize solutions for even the most complex integrated delivery system. In fact, IronHealth is a market leader, launching products like Medicare Reporting and Secondary Payer Act Liability, Government Billing E&O and Federally Qualified Health Centers Professional Liability. Our streamlined operations ensure prompt, progressive and comprehensive solutions for the unique liability issues within your company and the healthcare community. Our team s proactive, disciplined underwriting approach, along with our diverse product suite, enables us to better respond to opportunities and offer innovative coverage solutions. We are always focused on maximizing the balance of coverage for a variety of risks, even for those companies that specialize in historically difficult categories. Clients have often commented that we ve forced the incumbent insurer to rethink their policy after of course, they ve insured with us. 19

21 IronHealth Product Descriptions Adverse Health Survey Reimbursement Policy Nursing home operators are committed to providing the highest quality care possible for their patients, but at times there are lapses that create serious issues for all involved. The impact of an adverse Health Survey can be devastating not only in terms of a facility s reputation, but also to the bottom line as the operator scrambles to develop a mandatory Plan of Correction in response to the survey. In today s economic environment, skilled nursing facility budgets often don t have the flexibility to absorb these added costs. IronHealth has developed the Adverse Survey Expense Reimbursement Policy, which provides the resources needed to respond. Limits up to $10M (primary/excess) Custom Accounts & Asset Protection Solutions Our Custom Accounts & Asset Protection Solutions specialize in non-traditional risk transfer solutions and developing ways to address a specific need that other carriers will not consider. Examples of solutions include, but are not limited to: Options to purchase insurance coverage or additional limits at a later date at preset terms, including potential coverage for existing claims Swing-rated or loss sensitive arrangements Stop loss coverage for an insured s self-insured retention Fronting arrangements Loss portfolio transfers Government Billing E&O Ironshore has developed a Government Billing E&O policy option in response to increased government audits of healthcare contracts and billing practices across the nation. This product provides brokers and their clients with a cost-effective alternative to a significant and potentially catastrophic risk. There are a multitude of benefits to this policy including: Coverage for defense, as well as fines, penalties and settlements Clients are also able to exercise full coverage options for errors and omissions associated with government audit events after the occurrence of a covered event Hospital Professional Liability In addition to providing professional liability coverage on a primary, lead excess or excess limits with market leading drop down coverage options, IronHealth provides risk management dollars for insureds that can be allocated toward the purchase of risk management products and services from the providers of their choice. We don t require that in-house resources be used or that only specific vendors can be selected. Instead, we acknowledge that our insureds know best what their needs are and may already have existing vendor relationships in place to meet those needs. To help stretch these dollars, IronHealth has proactively established relationships with some of the industry s leading Healthcare Risk Management providers. Currently, our preferred partners and their offerings include RL Solutions, ASHRM, ECRI Institute and ELM Exchange. Limits up to $25M (primary/excess) 20

22 Integrated Delivery Organization (IDO) Integrated Delivery Organization ( IDO ) policy specifically addresses the multi-line liability insurance exposures of healthcare organizations seeking to integrate care delivery and care management/financing vehicles, which can provide a broad spectrum of diverse medical services and payment processes. IronHealth s IDO policy form allows healthcare organizations to consolidate separate liability programs into one insurance product, offering integrated protection for sector-specific liability risk. Long Term Care Professional Liability IronHealth is leading the charge in this expanding sector with tailored coverage that provides exceptional security and effective risk management solutions for not-for-profit and for-profit long term care entities nationwide. Claims-made or occurrence coverage is available on a primary and/or excess basis. Limits up to $1M/$3M (primary) Limits up to $10M (excess) Loss Portfolio Transfer Hospital systems, long-term care facilities, physician groups and other healthcare organizations utilize a variety of methods to self-insure all or a portion of their own PL risk. Given the current economic climate, there may be a strong incentive for these organizations to free up capital through a Loss Portfolio Transfer (LPT). An LPT Plus is a simple financial mechanism that allows an organization to monetize excess reserves from prior years and return them to its bottom line or dividend them to its owners. Under an LPT Plus, Ironshore will assume 100% of the organization s future liabilities for past years, relieving the organization from those liabilities. This allows the organization to clean up its balance sheet and improve its financial strength and stability. Limits up to $25M (primary/excess) Managed Care Errors & Omissions Liability IronHealth products cover the full range of managed care organizations. We understand and have expertise in underwriting not only large, traditional managed care organizations such as HMOs and PPOs, but also the myriad of other organizations providing managed care services, including IPAs, PHOs, UROs, MSOs, TPAs, PROs, QIOs, CVOs, care management and disease management companies and healthcare consultants. Limits up to $25M (primary/excess) Directors & Officers Liability coverage is available to our E&O insureds Medicare Reporting and Secondary Payer Act Liability (MRSPAL) Institutional risk exposures created by the specific reporting requirements of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 ( MMSEA ), are addressed with this customized insurance program. Protection is afforded against risk exposure and subsequent penalties to institutions from failing to file in a timely manner or from negligent filing of known liability payments to Medicare beneficiaries. 21

23 IronHealth Product Descriptions Miscellaneous Medical Facility Miscellaneous Medical Facility (MMF) business is underwritten on an open brokerage basis. Minimum premium for primary limits is $5,000. Coverage is available for more than 75 classes of business. Limits up to $25M (primary/excess) Pharmaceutical & Medical Devices (Life Sciences Practice) Product Liability insurance and Commercial General Liability insurance policies are available for established and emerging companies in the Life Sciences industry, including those involved in pharmaceutical, biotechnological and medical device manufacturing. We offer flexible options, which allow us to adapt to this fast-paced and rapidly changing field. Coverage for human clinical trials, true worldwide coverage and professional errors and omissions coverage for on-staff sales personnel and medical professionals Limits up to $10M (primary/excess) Physician Group Practice Liability IronHealth combines outstanding Physician Professional Liability insurance with enterprise risk management to provide customized protection minimizing the gaps that exist beyond traditional Physician Professional Liability products in the U.S. Primary policy limits of $1M/$3M ($2M/$6M available upon request) Excess limits available up to $15M Professional Liability Product For Federally Qualified Health Centers IronHealth s Federally Qualified Health Center Professional Liability product is a wrap-around policy that protects against potential liability risk exposures for medical facilities that treat low- to moderate-income patients. This product provides protection against general liability exposures, as well as any new medical services or activities offered by the institution since its deeming application was approved. Primary policy limits of $1M/$3M ($2M/$6M available upon request) Excess limits available up to $15M Provider Excess Insurance (PEI) & HMO Reinsurance (HMORe) Ironshore s PEI product responds to the ongoing evolution in the healthcare sector as healthcare providers assume additional financial risk in connection with the cost of care for members. In addition, the healthcare reform environment has resulted in the creation of new types of managed care organizations and healthcare financing initiatives, including Accountable Care Organizations (ACOs), Consumer Operated and Oriented Plans (Co-Ops), Bundled Payments for Care Improvement (BPCI) and other demonstration programs sponsored by the Centers for Medicare and Medicaid Services (CMS). HMO Reinsurance responds to the existence of emerging risks requiring new insurance solutions to help such organizations protect against financial exposure from catastrophic claims that could severely impair operations. HMORe is offered in all states. 22

24 IronPro There are many options for Professional Liability coverage. But when you consider the increased financial constraints and growing risk within every company in today s market, there really can only be one solution that works best. IronPro takes the time to get it right. We understand the goals of our clients businesses so we can build a strategically driven insurance plan that aligns with your business goals. Our holistic approach is atypical of the industry. It s more entrepreneurial. Nimble. Intuitive. We think our work ethic creates a platform for innovation that is absolutely necessary. The last thing our clients need is blanket coverage. From concept to claim, we believe the right leadership leads to the best partnership. IronPro products include Directors & Officers Liability, Employment Practices Liability, Fiduciary Liability, Fidelity insurance, an array of Professional Liability insurance products and cutting-edge technology products. Our products are available for public companies, private companies, not-for-profits, limited liability companies, financial institutions, limited partnerships, law firms, architectural engineering firms, real estate investment trusts and joint ventures across the U.S. 23

25 IronPro D&O Product Descriptions AdviserGuard The AdviserGuard product offers tailored coverage for investment advisers, their companies, its directors, officers and employees against the potential risks investment advisers may face. Limits up to $15M Crime Fidelity insurance protects organizations from loss of money, securities or inventory resulting from crime. Common fidelity claims cover alleged employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting and other criminal acts. Limits up to $15M D&O Non-Profit The IronPro Not-for-Profit Directors & Officers Liability policy is designed specifically to protect not-for-profit organizations from complex litigation with the potential to cost an entity hundreds of thousands to millions of dollars and further threaten the personal assets of directors and officers. Limits up to $15M D&O Private The IronPro Private Sentinel Directors and Officers/Employment Practices Liability insurance policy combines coverage to help protect the personal assets of a privately held company s directors and officers, as well as the financial well-being of the company itself. Limits up to $15M D&O Public The IronPro Directors and Officers Liability insurance policy offers broad protection for a public company and its directors and officers in securities claims and for individuals for wrongful acts resulting from increased exposures associated with today s business environment. Limits up to $15M Employment Practices The IronPro Employment Practices policy provides stand-alone coverage for the company and its directors, officers and employees against claims brought by the company s past, present and prospective employees and third-parties alleging wrongful employment practices ranging from sexual harassment to discrimination. Limits up to $15M 24

26 We pledge to think in terms of solutions, not just products. It s why Advisen named us a top innovator 3 years in a row. Excess The IronPro Follow Form Excess coverage is provided in a streamlined policy over any Management and/or Professional Liability policy. Limits up to $15M Fiduciary Liability The IronPro Employee Benefit Plan Fiduciary policy protects directors, officers, fiduciaries, employee benefit plans and their sponsors from the evolving and complex exposures of ERISA for both public and private companies. Limits up to $15M Kidnap & Ransom Our coverage protects against kidnap or alleged kidnapping for ransom, bodily injury extortion, property damage extortion, trade secret extortion, computer virus extortion, product extortion, detention and hijack. Areas that are paid are ransom amounts, loss in transit, crisis management expense, personal accident, legal liability and other broad additional expenses. Ironshore works with Terra Firma Risk Management Ltd. (TFRM), an organization specializing in negotiated solutions to cases of kidnap and piracy. Limits up to $15M Public Officials Employment Practices Liability insurance combines coverage to help protect the personal assets of a public entity s elected and appointed officials, as well as the financial well-being and stability of the public entity itself. Limits up to $15M Side-A The IronPro Side-A Directors and Officers Liability policy offers broad protection for directors and officers of both public and private companies for non-indemnifiable claims, with expansive coverage and difference-in-conditions (DIC) enhancements. Limits up to $25M Transactional Liability IronPro s Transactional Liability offers insurance solutions for parties facing the great risks and uncertainties associated with merger and acquisition transactions. Limits up to $20M 25

27 IronPro E&O Product Descriptions Architects and Engineers Liability Architects and Engineers Liability insurance provides protection to design professionals and their firms against claims alleging design flaws and/or defects resulting from rendering professional services to a third-party. Limits up to $15M Enterprise PrivaProtector 9.0 The Enterprise PrivaProtector 9.0 policy provides network security and privacy solutions tailored to meet the needs of retail, healthcare, hospitality and financial services companies. Limits up to $15M Ironshore Highly Protected Information (HPI) Endorsement Ironshore believes that investing in loss prevention is better than trying to recover from a data breach. The Ironshore Highly Protected Information (HPI) Endorsement provides free limited access to a third party on-call Chief Security Officer (CSO), in addition to a Privacy Breach Coach. Ironshore policyholders who take advantage of these HPI endorsement loss mitigation services may also be entitled to certain premium credits on account of their diligent loss prevention efforts. Other Ironshore Highly Protected Information (HPI) endorsement coverage features include: Reimbursement for notification expenses for up to $10M affected individuals; and Privacy Breach Expenses in addition to the policy aggregate limit. Lawyers Professional Liability IronPro Lawyers Professional Liability coverage provides protection to law firms, attorneys and staff from claims alleging acts, errors or omissions in providing legal services to their clients. Limits up to $15M Miscellaneous Professional Liability IronPro Miscellaneous Professional Liability insurance provides protection to a wide spectrum of professional service providers. These businesses may encounter claims arising from their professional services, which could allege financial losses sustained by third-parties due to the service provider s alleged negligence. Coverage is specifically crafted to meet the unique needs of each insured. Limits up to $15M TechDefender TechDefender is a specialized technology professional liability policy designed for the complex exposures encountered by technology consultants, packaged and custom software developers, Internet and application service providers, website developers, information technology service providers and telecommunications companies. Limits up to $15M 26

28 Ironshore Political Risk From affordable labor to customer acquisition and exchange rates, there are tremendous opportunities in developing markets today. Expanding into emerging regions is a necessity for any growth-oriented company in the U.S., including ours. Ironshore s in-depth experience assessing cross-border exposures enables us to manage your risks, so you can maximize your productivity and profits. In fact, our team collectively has more than 100 years experience in foreign markets. Our Political Risk insurance is available to assist manufacturing companies, commodities firms and financial institutions in managing the unforeseen obstacles of doing business internationally. These customized products are organized around the international and domestic trade flows and foreign investment strategies of our clients. Both internationally and domestically domiciled companies benefit from our flexible underwriting guidelines and availability of limits. Traditional Failure To Pay insurance coverage is available on private obligors as well as public sector sovereign and nonsovereign entities. Several of the risks we will consider are currency inconvertibility, non-transfer risk, confiscation, expropriation, nationalization and deprivation. Now more than ever, there s a huge upside for expanding internationally. Ironshore can downsize the downside. 27

29 Ironshore Political Risk Product Descriptions Failure To Pay Insurance Also known as accounts receivable insurance, this product is organized to insure valid and enforceable debt obligations against the risk of non-payment, which can arise from the sale or financing of trade transactions. Coverage is available to insureds based in the U.S. and in many foreign countries. Ironshore considers trade transactions on a single buyer, multi-buyer, key account or spread-of-risk basis. Financial institutions may leverage various financing strategies including, but not limited to, the confirmation and refinancing of letters of credit, bilateral trade loans, participation in international syndications, supply chain financing, pre-export financing, prepayment of an export, etc. Policies can be underwritten on a comprehensive coverage basis including protracted default, unless otherwise agreed. Ironshore s Failure To Pay Insurance is organized to cover private sector obligors as well as public sector sovereign or non-sovereign obligors and can be underwritten utilizing co-insurance, a deductible or a combination of both. Our country limits will be restricted to those countries approved by the U.S. government. Applications processed through Ironshore must also comply with our internal policies and procedures involving OFAC, KYC and AML guidelines. Limits $40M per obligor, tenor up to 5 years Confiscation, Expropriation, Nationalization & Deprivation (CEND) CEND insurance is designed to protect businesses with an ownership interest in property abroad. Simply stated, confiscation and expropriation occurs when a host country seizes a company s development rights, its facilities and/or its inventories for the host country s own use. Nationalization occurs when the host government expropriates property and hands the assets to a state-owned entity. Deprivation occurs when the host country prevents the use of assets. CEND policies can be customized to address specific transaction structures. Whether the insured is a business owner with foreign assets or a financial institution engaged in project finance, Ironshore is open to evaluating existing or new projects. Limits $40M, tenor up to 5 years Currency Inconvertibility & Non-Transfer Risk (CI) CI insurance is designed to protect against excessive delays in acquiring foreign exchange caused by a host government s action or failure to act due to adverse changes in exchange control laws or regulations and by deterioration in conditions governing the remittance of local currency. CI insurance does not protect the insured against devaluations of a country s currency. CI policies can be customized to cover principal and interest payments, repatriation of dividends or capital, inter-company fees and similar remittances due on insured investments. Limits $40M, tenor up to 5 years War and Political Violence Insurance Ironshore offers war, political violence and stand-alone terrorism insurance to U.S.-based companies with exposures in the United States and worldwide. Limits are offered up to $25 million. 28

30 Ironshore Property Ironshore s Property division has been a core offering since our company s inception in the wake of Hurricane Katrina. Our executive management team has experience protecting our clients assets against the most catastrophic events. This practical, firsthand knowledge has enabled us to write the most efficient and comprehensive coverage for both domestic and global exposures. Ironshore s policies will provide up to $25M in capacity targeted to mainly quota share or excess placements for General Commercial Property, Real Estate, Energy and up to $50M in capacity on Builders Risk Property. Our capacity can be utilized in primary, first and second excess and high excess positions, as well as a 100% layer market or as quota share participants on shared and layered programs. With such flexibility, Ironshore delivers more than you expect and exactly what you deserve in our long-term commitment to partnership. 29

31 Ironshore Property Product Descriptions Builders Risk Property Builders Risk Property insurance provides property risk transfer solutions for global and domestic corporations with international and domestic capabilities. Coverage is provided for project builders risk programs utilizing broker forms or our Completed Value Builders Risk policy, which provides coverage for property in the course of construction, including hot testing and delay in completion coverage, and includes both principals and contractors. A five year construction term is offered. Ironshore underwrites the construction of civil engineering projects, such as roads, bridges, tunnels, water treatment plants and buildings, as well as mechanical engineering projects for oil and petrochemical facilities, utilities and heavy manufacturing plants. Coverage is provided for the construction work period, including the installation, assembly, erection, testing and commissioning of plant and machinery. Delay in start-up and phased operation coverages are also available from Ironshore. Energy Ironshore underwrites comprehensive coverage on commercial risks across virtually all classes within the specialty energy sector, including alternative energy, basic metals and glass, chemicals, cogeneration, electric utilities, gas plants, pulp and paper, petrochemical facilities and refineries. Capacity uses: $25M available for Non-Tier l states (excluding California) $10M available for Tier l states $5M available for critical cat and refining/petrochemical accounts General Commercial Property This coverage encompasses a broad range of property risks, including retail and wholesale operations, warehousing, restaurants, healthcare facilities, municipalities and institutions, amusement places, financial institutions, communications and service businesses. General Commercial, Real Estate & Energy Property Appetite Ironshore s property policies insure against all risks of direct physical loss of or damage to property on a first-party basis, including equipment breakdown. Policies can incorporate both domestic and global exposures. Ironshore Vacancy Assure Designed to address risk exposures unique to properties with low occupancy rates, this program also encompasses Environmental coverage. Property limits of up to $25M Environmental coverage for up to $10M to protect against traditional environmental exposures and mold Real Estate Property Ironshore offers an extremely flexible approach to real estate property risks. We insure a broad range of coverage requirements on exposures of office buildings, shopping malls, hospitality businesses (including casinos), schools and higher education facilities, condominiums, apartments and housing authorities. 30

32 IronBuilt The construction industry is prone to volatility and risk. Financial pressures and liabilities can be immense. Since no two projects are alike, their insurance strategies shouldn t be the same either. From small general contracting jobs to large-scale developments, IronBuilt has the leadership and knowledge to understand market indicators and properly protect your business for sustained growth. Our team of production specialists and claims representatives collaborate to provide customized solutions for the complex risks of the construction industry, including residential and commercial wrap-ups/project specific policies and practice policies for subcontractors, commercial general contractors and construction-related businesses. We have also created liability coverage for property owners and holders of uncompleted or in-progress real estate and development projects. In the aftermath of the construction boom, the reality is that extending or postponing commercial and residential projects may very well be the most prudent strategy in today s inventory-rich market. No matter what your project size or stage of development, when you partner with a team that thinks ahead, your business can continue to move forward. 31