Specialty insurance and reinsurance provider SiriusPoint has formed a partnership with Euclid Security, a security industry risks-focused MGU.
The alliance will involve SiriusPoint serving as the exclusive carrier partner for the MGU’s liability programme.
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Euclid Security’s liability programme provides coverage to alarm and security services, and fire suppression protection.
Through the programme, the MGU will underwrite excess liability and commercial general liability in the US.
Headquartered in Norwalk, Connecticut, Euclid Security is backed by Euclid Program Managers (Euclid), which has 32 years of operating experience in the programme insurance sector.
SiriusPoint head of North America insurance Patrick Charles said: “Euclid Security has a proven track record in the security space, with a clearly defined scope to provide protection and underwriting expertise for niche risks.
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By GlobalData“This is a great opportunity to work with a best-in-class MGU, with unrivalled expertise, on a programme led by an experienced and talented underwriting team.”
Euclid Security managing principal Ed LaFramboise said: “With the support of the Euclid Partner model, and the backing of SiriusPoint’s financial strength, capabilities and ‘underwriting-first’ discipline, we have a best-in-class platform in place to serve the security risks industry now and over the long-term.”
In April this year, UK-based managing general agency Pen Underwriting signed a long-term capacity deal with SiriusPoint to enhance its specialist capabilities.
With the deal, SiriusPoint became the 100% capacity provider for the social housing practice of Pen.
A month before that, SiriusPoint teamed up with NIP Group to set up an excess and surplus insurance underwriting platform.
