Bermuda-based insurer and reinsurer SiriusPoint has announced a strategic partnership with Holmes Murphy, an independent insurance brokerage in the United States, along with its wholly owned subsidiary and managing general agent (MGA), Innovative Program Solutions (IPS). The collaboration aims to launch a new umbrella excess insurance product specifically designed for captives managed by Holmes Murphy and its subsidiary companies.
Under this partnership, SiriusPoint will act as the carrier partner, providing this umbrella excess line for captive members on a non-admitted basis.
Patrick Charles, Head of North America Insurance at SiriusPoint, remarked, “The captive insurance market is currently undergoing significant growth and transformation, largely driven by the increasing desire among businesses to better manage their risk exposure. Through this strategic alliance, IPS and Holmes Murphy are providing companies with access to a distinctive captive insurance solution that offers enhanced control and opportunities.”
He further added, “At SiriusPoint, we are committed to expanding our MGA partner portfolio by collaborating with ambitious partners and aiding them in excelling through long-term partnerships. We view Holmes Murphy as one of the leading organizations in the captive business sector and are eager to work alongside its expert team to serve its expanding customer base.”
Tim Anders, President of IPS, also commented, “Umbrella and excess coverage are critical needs for organizations compelled to find innovative solutions to address the continually escalating costs in this area. We are thrilled to launch this program with SiriusPoint, as they bring extensive expertise, a proven track record, and a talented team into this collaboration.”
He emphasized, “The joint efforts between IPS, SiriusPoint, and multiple subsidiaries of Holmes Murphy will provide comprehensive solutions for our top-tier brokerage partners and high-quality, risk-aware insureds.”
Yorum Yap