Global risk services firm, Applied Surety Underwriters, and SiriusPoint Ltd. have entered into an exclusive partnership aimed to maximize their joint impact in major markets across the world.
Both firm’s will start with North America to deliver a unique formula of underwriting expertise, capital resources and concerted marketing within the surety sector.
This new alliance will bring together Applied Surety Underwriters, based in Houston, a division of insurance leader Applied Underwriters, and SiriusPoint, a top international underwriter of specialty insurance and reinsurance, headquartered in Bermuda.
It has also been confirmed that this new alliance 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.
Applied Surety President Joshua Betz, said: “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.”
In addition, Patrick Charles, Head of North American Insurance at SiriusPoint, shared optimism for the potential benefits of the partnership: “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.”
Jamie Sahara, President of Applied Underwriters, noted that this latest strategic partnership is among a number of important alliances forged by Applied Underwriters’ experienced leadership: “We continue to attract top talent and develop timely opportunities powered by the entrepreneurial energy in each of our practice areas and collimated by the esprit de corps throughout the whole of our organization. For us, meaningful alliances are a major strength as we continue to expand globally. Our new arrangement with SiriusPoint is an excellent example.”
Sahara, continued: “Today, Applied Surety Underwriters is actively accepting new business in all of North America, writing single bonds up to $50 million and aggregate programs 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.”
In their Q223 results, SiriusPoint reported a consolidated combined ratio of 81.9%, showing almost a 14% improvement year over year, as consolidated underwriting income rose from $38.8 million to $127.3 million.
