HAMILTON, Bermuda. June 27, 2024 – SiriusPoint Ltd. (“SiriusPoint” or the “Company”)
(NYSE: SPNT), a global specialty insurer and reinsurer, and Euclid Security Programs LLC (“Euclid Security”), a boutique managing general underwriter (MGU) specializing in security industry risks, have today announced a new strategic partnership.
SiriusPoint will become the sole carrier partner for Euclid Security’s Liability program, which covers security services, alarm services, and fire suppression protection. Through the program, Euclid Security will underwrite Commercial General Liability and Excess Liability risks within the US market.
“Euclid Security has a proven track record in the security space, with a clearly defined scope to provide protection and underwriting expertise for niche risks,” said Patrick Charles, Head of North America Insurance at SiriusPoint. “This is a great opportunity to work with a best-in-class MGU, with unrivaled expertise, on a program led by an experienced and talented underwriting team. Our partnership reflects SiriusPoint’s sustained commitment to working with high caliber administrators with expert knowledge in their specialisms that align with SiriusPoint’s risk appetite.”
Euclid Security is underpinned by Euclid Program Managers (“Euclid”), which has a rich heritage spanning 32 years in the program insurance space. Like SiriusPoint, Euclid is an underwriting-first organization, which fosters and nurtures relationships with partners in specialty niches, and with expert teams, building long-term relationships as they grow profitable books of business.
John Colis, President and CEO of Euclid, said: “Building sustainable carrier partnerships is a highly relational business and having taken the time to get to know the team at SiriusPoint, I’m confident that our complementary expertise will make for a successful partnership.” Ed LaFramboise, Managing Principal of Euclid Security, added: “With the support of the Euclid Partner model, and the backing of SiriusPoint’s financial strength, capabilities, and ‘underwriting-first’ discipline, we have a best-in-class platform in place to serve the security risks industry now and over the long-term.”
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit https://www.siriuspt.com/.
About Euclid
Euclid Program Managers (a dba of Euclid Insurance Services, Inc.) is a privately owned holding company and platform for the launching and running of specialty program administrators. Headquartered in Itasca, Illinois, Euclid affords best in class underwriting and claims professionals the ability to start their own MGA in highly specialized niches. For more information, please visit https://euclidprograms.com/.
About Euclid Security
Euclid Security Programs LLC is a boutique managing general underwriter specializing in Security Industry risks. Euclid Security is owned and operated by a seasoned team of underwriters who are dedicated to providing best-in-class service and expedited deal execution. For more information, please visit https://euclidsecurityins.com/.
Forward-Looking Statements
We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2023. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this press release.
Contacts
Investor Relations
Dhruv Gahlaut, SiriusPoint
Dhruv.gahlaut@siriuspt.com
+44 7514 659 918
Media
James Milne, Rein4ce
james.milne@rein4ce.co.uk
+44 7867 484854
Source: SiriusPoint Ltd.