Bermuda re/insurer looks to expand into US surety insurance

Bermuda-based SiriusPoint has joined forces with a US underwriter as it looks to expand in the surety insurance sector in the US.

SiriusPoint said it had agreed an exclusive partnership with Houston-based Applied Surety Underwriters to increase its share in the market.

Applied Surety concentrates on corporate, not-for-profit and individual surety protection. The new partnership with SiriusPoint will provide to Applied Surety Underwriters expanded US Treasury capacity; SiriusPoint will avail itself of the growth opportunities from Applied Underwriters' extensive marketing, distribution and underwriting capabilities.

Patrick Charles (pictured), head of North American insurance at SiriusPoint, said: "Applied Surety Underwriters' talented team and business strategy complement SiriusPoint's ambition to partner with expert underwriting operations which have strong distribution in focused market niches."

Applied Surety president Joshua Betz added: "We are delighted with our exclusive relationship with SiriusPoint and the mutual benefits implicit in the growth opportunity we have developed.

“This is Applied Surety's first major partnership, and it signifies our resourcefulness and continuing success."

Jamie Sahara, President of ASU parent Applied Underwriters, said: "Today, Applied Surety Underwriters is actively accepting new business in all of North America, writing single bonds up to $50 million and aggregate programmes up to $150 million.

“The North American market, itself larger than the balance of the world's surety markets, has shown us that it is wide open for our newly combined, strongly competitive offerings.

“We are pleased with the increased submissions and the interest in the Applied Surety/SiriusPoint alliance.”