SiriusPoint increases its northern exposure

Bermuda-based re/insurer SiriusPoint has joined forces with a Swedish managing general agent to underwrite marine insurance and reinsurance.

SiriusPoint said Stockholm-based Nordic Marine Insurance provides niche insurance products to the global maritime industry and offers mainstream marine covers through its strong partnerships with major reinsurers.

It is the second managing general agent to have emerged through SiriusPoint International’s MGA Centre of Excellence, which launched this year to deliver a collaborative onboarding experience for new MGA partners.

The partnership with SiriusPoint’s Stockholm-based underwriting team will primarily focus on writing hull & machinery, yacht owners charter cancellation and marine delay business.

SiriusPoint’s marine team works with both local and global marine insurers and brokers to deliver solutions to support clients’ risk appetites and coverage requirements, while its Marine Reinsurance offering includes liability arising from maritime activity and coverage associated with the transportation of goods.

The announcement follows the news that SiriusPoint has appointed Stephen Smyth to head its marine underwriting team. 

Rob Gibbs, president & CEO, SiriusPoint International, said: “MGA distribution is a core part of SiriusPoint international’s growth strategy. We are delighted to have established a partnership with Nordic Marine, whose unrivalled and highly skilled underwriting expertise fits perfectly with our plans to grow the marine business across our international platform.

“It also aligns with our strategy to develop MGA partnerships based on risk appetite alignment and synergy with the company’s underwriting expertise, vision and values.

“I am particularly proud that SiriusPoint International’s MGA Centre of Excellence has successfully onboarded a new expert partner that will strengthen our distribution, international profile and global footprint.

“Our international MGA approach mirrors the Company’s North American programmes structure and enables operational efficiencies and access to expertise across the Company’s global platform, allowing partners to benefit from our ‘One SiriusPoint’ ethos.”

Dan Lennhammer, managing director, Nordic Marine Insurance, said: “We are very pleased to have agreed a partnership with a major global re/insurer of SiriusPoint’s stature and strength. SiriusPoint’s growing marine capabilities and capacity, combined with our highly niche marine underwriting knowledge and experience, will enable us to focus on providing customised insurance solutions in our core markets around the world.

“We look forward with great enthusiasm to working with a company that shares our passion for delivering best-in-class products and is focused on underwriting discipline and sustainable profitability.”