Global specialty insurer and reinsurer SiriusPoint has joined forces with specialty insurance provider NIP Group (NIP) to establish a new excess and surplus (E&S) insurance underwriting platform.
The new platform will assist NIP’s portfolio of more than 25 programmes by tailoring solutions to meet the more complex and emerging requirements of its programme business.
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Initially, this strategic collaboration will require the two companies to utilise their combined expertise to enhance NIP’s LandPro programme, a national insurance scheme for landscaping businesses in the US.
The programme helps in addressing the distinct needs of landscaping companies by offering comprehensive all-year services, such as for landscape construction and snow removal.
Eventually, the partnership plans to extend its solutions to other NIP programmes on a targeted basis, aiming to improve NIP’s overall product offerings.
By combining their respective expertise in the specialty insurance market, SiriusPoint and NIP are further planning to integrate capabilities from admitted, E&S, as well as alternative risk segments, focusing on disciplined programme underwriting.
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By GlobalDataNIP National Programmes senior vice-president Tom Doherty said: “This partnership allows us to offer comprehensive solutions across our admitted, E&S and Alternative Risks underwriting platforms to our specialty broker network. By combining these underwriting capabilities with our integrated Wholesale team, we can provide brokers with sophisticated solutions through a single, streamlined relationship.”
Based in Bermuda, SiriusPoint has a global presence and a diverse portfolio of strategic partnerships with managing general agents (MGAs) and programme administrators in its Insurance & Services segment.
The company, which operates out of various international locations including New York and London, has licences to write accident and health as well as property and casualty insurance and reinsurance.
SiriusPoint North America Insurance head Patrick Charles said: “This strategic partnership represents a continuation of our commitment to achieving sustainable underwriting profitability by building relationships with programmes that align with our specialisms and risk appetite.”
Last month, SiriusPoint formed a trading partnership with Stockholm-based MGA Ryan Specialty Nordics to offer coverage for onshore wind farms.
