Hamilton, Bermuda (March 26, 2025) – SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, has today announced a new strategic partnership with Balance Partners, a North American managing general underwriter.
SiriusPoint is a capacity provider for Balance Partners’ new Excess Construction Liability program – Vertical – which underwrites lead and following excess layers of up to $5 million. The program covers tradespeople operating in New York, including electricians, plumbers, masons, drywall and glass installers, and those offering heating, ventilation, and air conditioning services.
The new program will be led by John LoPorto, Head of Vertical, Balance Partners’ New York Excess Construction Division. Mr LoPorto said the US construction industry was hit hard during the Covid lockdown, but construction activity is now booming, and there is a void in the market for Excess Contractors insurance.
Mr LoPorto said: “We recognized a significant need in the market for alternative capacity in Excess Construction liability, in addition to strong appetite from the broker market for innovative solutions in this space. With our new program, we have a unique opportunity to innovate in the marketplace by introducing a product that better serves the needs of tradespeople.
“At Balance Partners, we are focused on developing valued, mutual relationships built upon performance-based underwriting expertise. We were eager to collaborate with a partner whose values and strategy aligns with our way of working. SiriusPoint is a key player in the industry, known for its strong financial performance and commitment to long-term distribution relationships.”
Commenting on the partnership, Patrick Charles, Head of North America Insurance at SiriusPoint, said: “We look forward to working with John and the Balance Partners team and supporting them with capital and expertise to meet the growing demand for Excess Construction risk in New York. We see strong potential for growth in this challenging but often misunderstood market over the coming years.”
Contacts
Investor Relations
Liam Blackledge, SiriusPoint
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718 882011
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 within our Insurance & Services segment. With over $2.6 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.
About Balance Partners
Founded in 2019, Balance Partners, LLC is a leading provider of specialty insurance products and outsourced administrational services, focusing on multiple lines of business in the broader property/casualty space. Balance provides underwriting, administration and distribution capabilities in its capacity as a managing general underwriter. At Balance, our philosophy is that of attracting top-tier, specialty underwriters/underwriting teams, supported via an advanced tech enabled infrastructure in order to create a perpetual underwriting agency, focused first and foremost on profitable underwriting results for the carrier- and reinsurer trading partners that support us. More detail available at www.balanceuw.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; 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; 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, 2024.
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.