SiriusPoint, Ryan Specialty seal strategic Nordics trading deal
Global specialty re/insurer SiriusPoint and Stockholm-based managing general underwriter (MGU) Ryan Specialty Nordics have entered into a new strategic trading partnership.
The partnership will see SiriusPoint support Ryan Specialty Nordics as it offers insurance coverage for onshore windfarms, primarily in Sweden, and a package for small to medium-sized enterprises, which includes commercial property and legal liability.
SiriusPoint will provide paper and will be the sole risk carrier for these insurance products.
A subsidiary of Ryan Specialty, Ryan Specialty Nordics is a specialty MGU that writes business on behalf of various Lloyd’s of London syndicates, through Lloyd’s Insurance Company SA, as well as company markets. It offers a range of products including management liability, financial institutions, public offerings of securities, professional liability, cyber liability, life science risks, renewable energy, transactional risks, construction, municipalities and public entities.
Rob Gibbs, president and CEO, SiriusPoint International, said: “Ryan Specialty Nordics’ niche underwriting expertise and local knowledge will strengthen SiriusPoint’s presence in the region. We are pleased to support this new program at a time of increased focus from the Swedish Government on renewables and a drive towards greater windfarm utilization. The deal also demonstrates a continuing diversification of our portfolio in Stockholm and aligns with our strategy to develop MGA partnerships based on risk appetite alignment and synergy with the company’s underwriting expertise, vision and values.
He added: “We are looking forward to onboarding another new trading partner through SiriusPoint International’s MGA Centre of Excellence. The Centre is key to our distribution growth plans, raising our international profile, and expanding our global footprint. It enables operational efficiencies and access to expertise across the Company’s global platform, allowing trading partners to benefit from our ‘One SiriusPoint’ ethos.”
Jan Hallberg, director, Ryan Specialty Nordics, said: “We are excited to be working with SiriusPoint on this new program. 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.”
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