Limit Financial (LimitFi), a managing general underwriter specialising in credit insurance and reinsurance solutions, has entered a multi-year underwriting capacity partnership and a strategic investment with re/insurer SiriusPoint.
The partnership will support existing and future credit insurance product offerings and provides LimitFi with committed capacity to execute credit insurance.
It will also provide SiriusPoint with immediate access to credit insurance opportunities underwritten through LimitFi’s platform.
LimitFi will provide an end-to-end solution including the origination, analysis, and management of all policies.
Adam Budnick, co-founder of LimitFi, said: “LimitFi is committed to delivering value to re/insurers by providing a platform that results in better risk taking, more diversified exposures and enhanced profitability for our partners.
“This new partnership will play an integral role in LimitFi delivering on its mission.”
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in LimitFi, the companies aim to improve and expand on this already growing credit insurance market.
Prashanth Gangu, COO and President, Insurance and Services, SiriusPoint, said: “We are thrilled to announce our partnership with LimitFi. Credit insurance is an increasingly important product for many counterparties.
“We see a significant opportunity to capitalise on the rapidly growing market need for non-payment insurance that is not currently being met.
“SiriusPoint considered several approaches to market and decided on a multi-year underwriting capacity arrangement and investment partnership with LimitFi.
“We were impressed by the team’s vision, underwriting skill, analytical approach, and deep market relationships. The LimitFi future roadmap with regards to talent, development and technology is extremely promising.
Zach Smith, co-founder of LimitFi, added: “The addition of SiriusPoint to the LimitFi platform will be a tremendous accelerant to LimitFi’s capabilities and growth. We thank our new partners for making this possible.”
