S&P upgrades Ironshore

Standard & Poor’s said it raised the long-term counterparty credit ratings on Ironshore Inc. and Ironshore Holdings (U.S.) Inc. to BBB from BBB-.

The outlook is stable.

In a relatively short time frame, Ironshore has built a strong specialty business without the aid of material acquisitions, S&P said.

Also, the company will remain well-capitalized during the next two to three years and benefits from relatively low financial leverage and healthy fixed-charge coverage, the agency said.

The ratings also assume that loss reserves will not develop adversely, S&P said.

Despite the company’s diversification, strong performance, very strong capitalization and modest leverage, earnings could be volatile due to rapid growth in various product lines, the agency said.

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