Lexon Surety Group, a privately held insurance holding company that underwrites approximately $135 million in bond premium annually, is now wholly owned by Ironshore, Inc. Ironshore already held a 20% interest in Lexon before purchasing the remaining 80% in an all cash transaction.
According to Ironshore and its parent company, Fosun International, the purchase is part of a long term plan to broaden Ironshore’s product offering by entering the surety market. As part of the acquisition, Ironshore will add Lexon’s contract surety bond line, commercial surety bonds, and court and probate surety bonds to its arsenal of services. Ironshore already provided quota share reinsurance and some limited capability to handle commercial and contract surety risks.
While not one of the “big” players in the surety market, Lexon’s assets are not insignificant. Its acquisition confirms the ongoing consolidation of the insurance and surety markets.