Ironshore is undergoing a major restructuring of its property insurance team after four executives left the company to join Bermudian rival Argo Group.

Mitch Blaser, chief executive officer of Ironshore Bermuda, said yesterday that he had promoted several Bermudians from inside the company to take senior roles, bolstered by hires from elsewhere, to take the places of those who jumped ship.

And he added that the company, which is owned by US giant Liberty Mutual, was confident of not losing business as a result of the departures.

Industry publication Insurance Insider reported earlier this week that Nick Wills, Anne Holden, Karlene Woolridge and Helen Campbell had left Ironshore to write direct US property business through Argo’s Bermuda platform.

Bermudian Ian Smith has been promoted to senior vice-president, head of Bermuda property, to lead Ironshore’s new-look team. And the company’s London-based property direct and facultative insurance team will also report to him.

In an interview at Ironshore’s seventh-floor offices in the Seon Place office building yesterday, Mr Blaser said that while these events had not been planned, he was delighted with the outcome, with the property insurance team now “reinvigorated” with young talent.

“It goes to show that being pro-Bermudian is not mutually exclusive from being pro-business,” Mr Blaser said.

“We have a team of Bermudians, complemented with talent from overseas. And over time, there is a knowledge transfer of that expertise to Bermudians. And then we can lift the role they play in the business.”

Mr Smith, who has been at Ironshore for four years after previously working for Arch and XL, said he was confident the company would not lose clients as a result of the defections to Argo.

Mr Blaser agreed, saying: “We’re going to try to expand the business that comes to Bermuda. I’m sure they will compete on things they know about. But that does not mean to say that they will get any of it, or that any business will be taken away from Ironshore.”

Liberty Mutual Group, a privately held US insurer, first announced its $3 billion buyout of Ironshore a year ago and completed the acquisition earlier this year. The Ironshore name was preserved and the brand has been bolstered by Liberty merging its book of specialty insurance business with Ironshore’s under the Ironshore brand.

The deal created a business with $6.5 billion in specialty insurance net written premiums and the sixth largest writer of excess and surplus lines in the US.

Mr Blaser said the combination had given his new team a clear advantage over Bermuda rivals writing similar business.

“Liberty brings us a huge balance sheet and A ratings from AM Best and Standard & Poor’s,” Mr Blaser said. “And that S&P rating, which Ironshore did not have as an independent company, is a big advantage in the property insurance business.

“Also, Bermuda companies are extremely limited in the activities they can do onshore in the US and in their interactions with US clients. Also federal excise tax has to be paid.

“As a US company doing business from Bermuda, we have greater access to the US market and greater flexibility at a lower cost, so there are a lot of advantages.”

The promotion of the team of young Bermudians would help to reinvigorate the “growth mentality” at the firm.

“We’re not done yet,” he added. “We will have a larger group with a more expansive remit, with the access we have to the Liberty Mutual brand, ratings, balance sheet and client base.”

The new-look team headed by Mr Smith includes some new faces and some promoted from within.

The new property team will also include a non-Bermudian new recruit, Anthony Kapsimalis, subject to approval by the Department of Immigration, as vice-president and energy underwriter. Having previously been employed by Ironshore Canada, Mr Kapsimalis brings both energy and builders risk expertise.

Nicholas Boorman, assistant vice-president, underwriter, is a Bermudian hired last month. He was previously with Chubb.

Vonnek Augustus is a Bermudian underwriter, who was one of Ironshore’s original employees, having joined as an underwriting assistant in 2007. She was promoted to underwriter in July 2017.

Katie Brudnicki, senior production specialist, is a non-Bermudian who joined from Ironshore’s New York property team. She is in Bermuda on a temporary basis to help during the transition of the new Bermuda property team.

Victoria Frank, associate underwriter, energy, is a Bermudian who joined Ironshore in January 2008 as an underwriting assistant. Since 2013, she has concentrated on energy risks and was promoted to associate underwriter last month. Ms Frank will be training under Anthony Kapsimalis with the goal of becoming an energy underwriter.

Kiffinae Cameron, assistant underwriter, is a Bermudian described as a valuable member of the property team since July 2007. She was promoted to senior assistant underwriter last month.

Matthew Kemmenoe, underwriting assistant, is a spouse of a Bermudian who was previously an officer in the Bermuda Police Service. Having spent a year in captive insurance, Mr Kemmenoe joined Ironshore in November 2016.

Sarah Russo, underwriting assistant, was born in Bermuda and is a PRC holder. Having completed her insurance studies at St John’s University in New York, followed by four years’ broking experience, she joined Ironshore last month.

Liberty Mutual, which employs more than 50,000 people around the world, had revenue of $38.3 billion in 2016.

Ironshore, which was founded in 2006 in Bermuda with initial capital of $1 billion, has about 800 employees and writes insurance through its major hubs in Bermuda, New York and London. In all it has 36 offices in 14 countries.