Bermudian insurer Ironshore continues to grow, posting a 27% rise in gross written premium (GWP) for the first quarter.

The private equity-backed company does not release financial results, but Ironshore Australia MD David Rogers says it recorded a combined operating ratio of 90.3% in the three months to March 31.

GWP from Australia and New Zealand grew 75% on the first quarter last year, driven by “strong growth” in the mergers and acquisitions business and “continued traction” in political risk and structured trade credit lines. 

The Australian business has implemented its first political risk consortium agreement and plans to announce “new offerings… to further deliver syndicated capacity to the market”, Mr Rogers told insuranceNEWS.com.au.

“We are currently in discussions with multiple companies that are interested in partnering with Ironshore.”

Total GWP grew 17% last year to $US1.67 billion ($1.71 billion), driven by 33% growth in the international division and improved pricing across most business, Mr Rogers says. 

Growth in specialty liability and short-tail risks was particularly strong.

In Australia and New Zealand GWP was almost $US50 million ($51.22 million) last year, up 65% on 2011, Mr Rogers says.

The business is on course for GWP of $US100 million ($102.44 million) by the end of 2015.