Moody’s upgrades Ironshore

Moody's Investors Service said it upgraded Ironshore Holdings (U.S.) Inc.’s senior debt rating to Baa2 from Baa3 and the insurance financial strength ratings of its operating subsidiaries to A2 from Baa1 following the announcement that Liberty Mutual Insurance Co. (A2 IFS stable) completed its acquisition of Ironshore from Fosun International Ltd.

Liberty Mutual announced a definitive agreement to acquire Ironshore on Dec. 5, 2016. This action concludes a review for upgrade that was initiated that day.

The outlook is stable.

Moody’s said the upgrade reflects Ironshore's strategic importance to Liberty Mutual, strong implicit and explicit support provided by Liberty Mutual, and Liberty Mutual's strong brand name recognition in the global P&C markets.

“The acquisition provides Liberty Mutual with additional specialty underwriting and distribution capabilities as well as incremental earnings potential. The combined operation will result in one of the largest U.S. excess and surplus lines carriers,” the agency saidin a news release.

“Global specialty insurance has been a profitable and growing segment for Liberty Mutual, and we expect this acquisition will continue to strengthen its position in the specialty market.”

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