Expansion of Partnership: Pen Underwriting and SiriusPoint Join Forces Once More
In a significant move, global reinsurer SiriusPoint has extended its partnership with Pen Underwriting, committing to provide 100% of the capacity for Pen’s international professional indemnity (PI) portfolio[1][2][3]. This expanded deal covers professional indemnity risks arising from multiple professions and territories outside the UK and Ireland.
Key details about the deal include:
- Scope: SiriusPoint's London market team, with over 15 years of underwriting experience, will back Pen’s international PI risks.
- Geographic coverage: Risks from various international territories outside the UK and Ireland.
- Partnership history: The deal builds on SiriusPoint’s April 2024 appointment as Pen’s long-term capacity provider for its specialist social housing practice, serving not-for-profit housing associations.
- Strategic significance: The partnership now spans multiple underwriting sectors including social housing, marine, and professional indemnity, strengthening SiriusPoint’s global footprint via Pen and the Lloyd’s platform.
- Leadership perspectives: Pen’s CEO Tom Downey emphasizes international PI as a growth area with mutual appetite and a focus on bespoke, sustainable underwriting solutions. SiriusPoint’s CEO Rob Gibbs highlights the deal as a realization of their strategy to deepen relationships with MGAs and deliver enhanced value globally[1][2][3].
In addition to the expanded partnership with Pen Underwriting, SiriusPoint has also partnered with Alta Signa, a European Managing General Agent specializing in financial and professional lines insurance. This partnership further broadens SiriusPoint's reach, covering a wider range of underwriting specialisms.
Tom Downey, CEO of Pen Underwriting, expressed delight at expanding the relationship with SiriusPoint into new sectors of specialist risk. This marks the second partnership announced by SiriusPoint, the first one being with Vouch Insurance, a digital business insurance platform for startups.
The strategic partnership between Pen and SiriusPoint now extends across a range of underwriting specialisms, including social housing, marine, and professional indemnity. The partnership also leverages SiriusPoint's valuable Lloyd's platform, extending their collaboration across the globe.
[1] [Source 1] [2] [Source 2] [3] [Source 3]
Note: The article does not mention Alta Signa in the original bullet points.
- The finance industry witnessed a strategic expansion as SiriusPoint, a global reinsurer, broadened its partnership with Pen Underwriting, committing to underwrite 100% of the capacity for Pen’s international professional indemnity portfolio, thus extending the collaboration across various underwriting specialisms, including social housing, marine, and professional indemnity.
- Tapping into the potential growth in underwriting, SiriusPoint further strengthened its global presence by partnering with Alta Signa, a European Managing General Agent specializing in financial and professional lines insurance, signifying an expansion of their business into new sectors of specialist risk.
