SiriusPoint Ltd. and Euclid Security Programs LLC (“Euclid Security”) announced a new strategic partnership.
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.”
