Expansion of Collaboration Between Pen Underwriting and SiriusPoint Announced
In a significant move, global specialty insurer and reinsurer SiriusPoint (NYSE: SPNT) has announced a major expansion of its partnership with Pen Underwriting. This latest collaboration will see SiriusPoint provide 100% capacity for Pen's international professional indemnity (PI) portfolio, supporting a range of professions and territories outside the UK.
The partnership, which already includes social housing and marine underwriting lines, deepens the existing strategic relationship between the two companies. SiriusPoint's London market team, with over 15 years of underwriting experience and expertise in international PI risks, will be instrumental in delivering this expanded offering.
Rob Gibbs, President & CEO of SiriusPoint International, expressed his pride in extending the strategic partnership with Pen Underwriting. He said, "We are committed to long-term collaborations with Managing General Agents (MGAs) like Pen, and this deal is a testament to that commitment."
Tom Downey, CEO of Pen Underwriting, shared his delight about expanding the relationship with SiriusPoint into new sectors of specialist risk. He emphasized Pen's focus on bespoke solutions that prioritize sustainability and service, aligning well with SiriusPoint's growth ambitions in specialist risk sectors.
The collaboration is a strong example of how SiriusPoint is deepening existing relationships to deliver even greater value to its MGA partners. In addition to this partnership, SiriusPoint has also announced a strategic partnership and investment with Alta Signa, a European Managing General Agent specializing in financial and professional lines insurance. Alta Signa, headquartered in Brussels, will further strengthen SiriusPoint's presence in Europe.
Moreover, SiriusPoint has entered into a strategic partnership with Vouch Insurance, a fully-digital business insurance platform for startups. This partnership aims to provide innovative insurance solutions for the growing startup sector.
In April 2024, SiriusPoint was announced as the new long-term capacity provider for Pen's specialist social housing practice. The latest partnership now extends this collaboration across a range of underwriting specialisms, supporting the not-for-profit housing association sector with its diverse insurance needs and exposures.
The offering provides cover for PI risks emanating from outside the UK and Ireland, across multiple professions and territories. SiriusPoint will provide multi-year underwriting capacity and is investing in Vouch's Series C funding round, demonstrating its commitment to supporting innovative digital platforms in the insurance sector.
In summary, SiriusPoint's partnership with Pen Underwriting exemplifies a strategic, long-term partnership expanding into specialist international risks. The collaboration provides full capacity for Pen’s international PI portfolio, leveraging SiriusPoint’s London and Lloyd’s market presence for underwriting expertise and global reach.
[1] Pen Underwriting and SiriusPoint expand partnership for international PI risks
[2] SiriusPoint announces strategic partnership with Alta Signa
[3] SiriusPoint appointed as long-term capacity provider for Pen's social housing practice
- Through the expanded partnership, SiriusPoint will underwrite events and risks related to Pen's international professional indemnity portfolio, demonstrating their commitment to deliver finance for a variety of businesses in different territories outside the UK.
- The strategic partnership with Alta Signa, a European MGA specializing in financial and professional lines insurance, further reinforces SiriusPoint's presence in the finance industry across various business sectors, especially in Europe.
