NASHVILLE, TN – Lexon Surety Group, LLC (“Lexon”) announced today that it and Ironshore Inc. (“Ironshore”) have terminated their agreement pursuant to which Ironshore would have acquired the remaining 80 percent equity interest in Lexon and its surety-related affiliates that it does not already own. The agreement to terminate was mutual and amicable and will allow each party the flexibility to pursue new strategic initiatives.
A.M. Best has placed under review with positive implications the financial strength rating (FSR) of B++ (Good) and the issuer credit ratings of “bbb” of Lexon Insurance Company (Lexon) (Austin, TX) and its affiliate, Bond Safeguard Insurance Company (Bond Safeguard) (Sioux Falls, SD). Lexon and Bond Safeguard are wholly owned operating subsidiaries of Lexon Surety Group, LLC (LSG).
Ironshore Inc. announces that it has reached an agreement to acquire the remaining 80 percent equity interest in Lexon Surety Group, LLC and its surety-related affiliates.