SiriusPoint and NIP launch new E&S platform
Global specialty re/insurer SiriusPoint is launching a new excess and surplus (E&S) lines programme underwriting platform in a strategic partnership with the NIP Group “to take advantage of favourable market conditions”.
The partnership will see Bermuda-based SiriusPoint and specialty insurance provider NIP harness their collective strengths in the specialty market and combine capabilities of admitted, E&S, and alternative risk segments with disciplined programme underwriting.
The new platform is designed to support NIP’s portfolio of over 25 programmes by tailoring solutions to address the more complex and emerging needs of its programme business.
Initially starting with NIP’s LandPro programme, the collaboration aims to cater to the unique requirements of top landscaping companies in the US, with all-year services including landscape construction and snow removal. Following this initial launch, NIP and SiriusPoint intend to apply their solutions across other NIP programmes on a targeted basis to further expand NIP’s product offering.
Patrick Charles (pictured), head of North America insurance at SiriusPoint, said: “We are looking forward to working with NIP, which has a strong reputation for creating successful programmes within niche markets in the US. 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. I’m pleased that the stability and expertise we offer in the programme space is continuing to attract high caliber programme administrators such as NIP.”
Tom Doherty, SVP of national programmes at NIP, 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.”
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