IronRock locks Mayberry
IronRock Insurance Company (IRI) last week announced that it has retained the services of investment bank Mayberry Investments Limited (MIL) as its new financial adviser.
IRI is a newly registered general insurance company and the first new insurer that is not a subsidiary or branch of a foreign insurance company to enter the local market in 25 years.
The company was founded by insurance industry magnates Evan Thwaites and William McConnell, who combine for several years of experience in the industry.
According to IRI, its strategy will centre on utilising a technology platform which will not only serve to provide excellent, more efficient service to customers but also to contain operation costs.
IRI says it plans to leverage the benefits of innovative information technology and software solutions by partnering with both local and overseas technology companies to streamline the processes that are used in general insurance.
It argues that the lower overhead and unit costs will enable it to compete with larger, more established players in the industry.
"This working relationship presents a unique opportunity for us to work with two established professionals who have proven their excellent business acumen through their years of experience in the local marketplace," said Gary Peart, CEO of Mayberry.
"We believe that there is space in the insurance industry for IronRock to be successful, and we are confident that our expertise along with that of Mr Thwaites and Mr McConnell will make for quite a dynamic and innovative team to move this company in the right direction," added Peart.
OPTIMISTIC ABOUT FUTURE
Thwaites was equally optimistic about the relationship with Mayberry and the establishment of IRI.
"We believe that this is the ideal time to enter the local insurance market, and we are confident that our business strategy along with the guidance of the Mayberry team will make us successful in becoming strong competitors in the market," said Thwaites.
He said IRI intends to offer a full range of general insurance products, including motor, property, engineering, accident, marine, transport and liability. Additionally, it will seek to forge strong relationships with overseas insurers, in order to participate in the insurance programmes of their local clients.
IRI will place its reinsurance programme and commence underwriting operations in January.