Bermuda-based insurer and reinsurer SiriusPoint has strategically partnered with an independent insurance brokerage in the United States, Holmes Murphy and its wholly owned subsidiary and managing general agent (MGA), Innovative Program Solutions (IPS), to launch a new umbrella excess insurance product.
The product will be exclusively tailored to captives managed by Holmes Murphy and its subsidiary companies.
SiriusPoint, as a carrier partner, will write this umbrella excess line for captive members on a non-admitted basis.
Patrick Charles, Head of North America Insurance at SiriusPoint, commented, “The captive insurance market is experiencing significant growth and transformation, partly driven by the desire for businesses to better manage their risk exposure. Through this relationship, IPS and Holmes Murphy are offering companies access to a unique captive insurance solution that creates greater control and opportunity.
“At SiriusPoint, our aim is to broaden our MGA partner portfolio by working with ambitious partners and helping them excel through long-term collaborations. We believe Holmes Murphy is one of the best organizations for captive business in the market and we look forward to partnering with its expert team to serve its growing customer base.”
Tim Anders, President of IPS, added, “Umbrella/excess coverage is a critical need for organizations forced to find ways to address this area of continuously increasing costs. We are excited to launch this program with SiriusPoint as they bring a wealth of expertise, a proven track record, and a talented team into this partnership.
“The collaboration between IPS, SiriusPoint, and multiple Holmes Murphy subsidiaries will deliver solutions for our best-in-class brokerage partners and high-quality, risk-aware insureds.”
