SiriusPoint joins forces with Ryan Specialty Nordics
Bermuda-based SiriusPoint has formed a strategic trading partnership with a Stockholm-based managing general underwriter aimed at capitalising on the Swedish government's drive to increase use of offshore windfarms.
SiriusPoint said it will 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.
Ryan Specialty Nordics is a subsidiary of New York Stock Exchange-listed Ryan Specialty and writes business on behalf of various Lloyd’s of London syndicates, through Lloyd´s Insurance Company SA, as well as company markets.
"Ryan Specialty Nordics’ access to business in the Nordics and EEA region is supported by an established local presence in Stockholm, a specialist underwriting team of 14, and a strong broker network across all Nordic and EEA countries. Products include management liability, financial institutions, public offerings of securities, professional liability, cyber liability, life science risks, renewable energy, transactional risks, construction, municipalities and public entities," SiriusPoint said.
Rob Gibbs, President & 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 programme at a time of increased focus from the Swedish Government on renewables and a drive towards greater windfarm utilisation. 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.
“We are looking forward to onboarding another new trading partner through SiriusPoint International’s MGA Centre of Excellence,” Mr. Gibbs added. “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.”
“We are excited to be working with SiriusPoint on this new program,” Jan Hallberg, Director, Ryan Specialty Nordics, said. “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.”
