SiriusPoint eyes ‘rapidly growing’ credit insurance market with new MGA deal
Global specialty re/insurer SiriusPoint has agreed a multi-year underwriting capacity and strategic investment partnership with a managing general agent (MGA) specialising in credit insurance and reinsurance solutions, as it looks to capitalise on a “rapidly growing market need”.
The partnership will provide MGA Limit Financial with committed capacity to execute credit insurance, and SiriusPoint with immediate access to credit insurance opportunities underwritten through LimitFi’s platform. LimitFi will provide an end-to-end solution including the origination, analysis, and management of all policies.
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in LimitFi, the companies aim to improve and expand on this already growing credit insurance market.
“Credit insurance is an increasingly important product for many counterparties. We see a significant opportunity to capitalise on the rapidly growing market need for non-payment insurance that is not currently being met,” said Prashanth Gangu (pictured), COO and president of insurance and services at SiriusPoint.
“ SiriusPoint considered several approaches to market and decided on a multi-year underwriting capacity arrangement and investment partnership with LimitFi. We were impressed by the team's vision, underwriting skill, analytical approach, and deep market relationships. The LimitFi future roadmap with regards to talent, development and technology is extremely promising.”
Adam Budnick, co-founder of LimitFi, said: “LimitFi is committed to delivering value to (re)insurers by providing a platform that results in better risk taking, more diversified exposures and enhanced profitability for our partners. This new partnership will play an integral role in LimitFi delivering on its mission.”
Zach Smith, co-founder of LimitFi, added: “The addition of SiriusPoint to the LimitFi platform will be a tremendous accelerant to LimitFi’s capabilities and growth.”
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