Global specialty reinsurance company SiriusPoint has established a trading alliance with Ryan Specialty Nordics, a Stockholm-based managing general underwriter (MGU).
The collaboration will see SiriusPoint support Ryan Specialty Nordics in providing insurance coverage for onshore wind farms, primarily in Sweden, and insurance solutions aimed at small to medium-sized enterprises, which includes commercial property and legal liability.
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SiriusPoint will be the sole risk carrier for these insurance offerings, providing the necessary paper.
Ryan Specialty Nordics, a subsidiary of Ryan Specialty, is a specialty MGU that writes business on behalf of various Lloyd’s of London syndicates, through Lloyd´s Insurance Company, as well as company markets.
The partnership leverages Ryan Specialty Nordics’ local presence in Stockholm, a specialist underwriting team of 14, and a broker network across all Nordic and European economic area countries.
Its product portfolio includes coverage for construction, cyber liability, financial institutions, life science risks, management liability, municipalities, professional liability, public entities, public offerings of securities, renewable energy and transactional risks.
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By GlobalDataSiriusPoint International president and CEO Rob Gibbs said: “Ryan Specialty Nordics’ niche underwriting expertise and local knowledge will strengthen SiriusPoint’s presence in the region.
“The deal also demonstrates a continuing diversification of our portfolio in Stockholm and aligns with our strategy to develop [managing general agent] MGA partnerships based on risk appetite alignment and synergy with the company’s underwriting expertise, vision and values.”
Ryan Specialty Nordics director Jan Hallberg said: “We will benefit from the financial security and market expertise of SiriusPoint’s underwriters, which will support Ryan Specialty Nordics’ ambitions to expand our current product offering to include renewable energy in Sweden and in the rest of the Nordics.”
Recently, MGA Alta Signa Europe launched a new European marine underwriting business with backing from a consortium of insurance partners.
The consortium included SiriusPoint, Axeria IARD and Sompo International.
Meanwhile, in September 2023, SiriusPoint formed an alliance with Swedish company Nordic Marine Insurance to write hull and machinery, yacht owners charter cancellation and marine delay sectors.
