Ironshore Inc. announced today that it has raised more than $1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd. This newly formed global insurance company was created in response to the crisis conditions in the U.S. property catastrophe insurance markets, a result of unprecedented hurricane activity in recent years and subsequent changes in the insurance industry that make such coverage capital intensive and much more costly.

Calera Capital served as a lead investor in the capitalization of Ironshore in partnership with a small group of experienced professional investors, including Bear Stearns Merchant Banking, Corporate Partners (a business unit of Lazard Alternative Investments), TowerBrook Capital Partners and Greenhill Capital Partners.

Initially, Ironshore will write a worldwide book of property business. Because of marketplace demands, the company's initial focus will be on commercial risks with wind exposures in the catastrophe-prone coastal states such as Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Texas, as well as the Caribbean and Yucatan Peninsula. Ironshore will also provide commercial earthquake coverage in California. Over time, Ironshore expects to build a leading specialty insurance business, targeting global property and casualty segments in which management has an extensive track record of successful underwriting.

Ironshore management and staff will be based in Bermuda, led by Robert V. Deutsch as Chief Executive Officer and Leslie J. Rock as President and Chief Underwriting Officer. Mr. Deutsch is a highly regarded executive who has worked in the insurance industry for 25 years, having served in leading roles with two major insurance companies. Mr. Rock has long been recognized as the leading property underwriter at Lloyd's, having served as chief property underwriter for three of its leading property syndicates over the past 25 years. Ironshore's leadership team also includes Mitchell E. Blaser, most recently the CFO of Swiss Re America and Marsh Inc, who has been appointed Chief Financial Officer.

“In the wake of Hurricane Katrina and other notable catastrophic events over the past two years, tens of billions of dollars have flowed into the reinsurance sector, but to date, permanent, adequate capacity has not been established on the insurance side," stated Deutsch. "Ironshore is very pleased to be able to provide significant new insurance capacity with a substantial, unencumbered capital base and a proven, strong management team.”

The founders of Ironshore are Robert Clements, John Clements and Ironshore management, all of whom are investors in Ironshore. Robert Clements is recognized for his industry leadership in creating insurance solutions in response to insurance market dislocations over the past 20 years, having founded a number of Bermuda domiciled insurance and reinsurance companies, including ACE Limited, XL Capital Ltd., Mid Ocean Ltd and, most recently, Arch Capital Group Ltd.

About Calera Capital
Founded in 1991, Calera Capital, formerly known as Fremont Partners, is a private investment partnership which has managed more than $2 billion of equity investments in 23 companies, representing a total transaction value of $5.6 billion. With offices in San Francisco and Boston, Calera invests across a diverse range of industries, including financial services, business services, food and consumer, healthcare, building products, and industrial manufacturing. Calera Capital makes substantial equity investments in operating companies, typically with enterprise values up to $1 billion, and seeks to build long-term sustainable value by working with management teams to implement strategic and operating initiatives. More information can be found at www.caleracapital.com

For More Information, Contact:
Michael Mandelbaum
(310) 785-0810
michael@mandelbaummorgan.com