SiriusPoint creates E&S platform with NIP
SiriusPoint and specialty insurance provider NIP Group (NIP), have announced a strategic partnership to form a new Excess and Surplus (E&S) program underwriting platform.
SiriusPoint and NIP said will initially leverage their combined strengths to foster innovation within NIP’s LandPro program, the premier national insurance program for landscapers. They said that this 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 programs on a targeted basis, further elevating NIP’s product offering.
NIP and SiriusPoint will harness their collective strengths in the specialty insurance market, including the ability to combine capabilities of admitted, E&S, and alternative risk segments with disciplined program underwriting. The new platform is designed to support NIP’s portfolio of over 25 programs by tailoring solutions to address the more complex and emerging needs of its program business.
“We are looking forward to working with NIP, which has a strong reputation for creating successful programs within niche markets in the US,” said Patrick Charles, head of North America Insurance at SiriusPoint. “This strategic partnership represents a continuation of our commitment to achieving sustainable underwriting profitability by building relationships with programs that align with our specialisms and risk appetite. I’m pleased that the stability and expertise we offer in the program space is continuing to attract high calibre program administrators such as NIP.”
Tom Doherty, senior vice president of National Programs at NIP, expressed enthusiasm about the partnership to develop a new E&S platform, leveraging SiriusPoint’s expertise and speed to take advantage of favorable market conditions: “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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