Global specialty re/insurer SiriusPoint has entered a strategic partnership with Stockholm-based managing general underwriter (MGU), Ryan Specialty Nordics AB.
As part of the collaboration, SiriusPoint is set to back Ryan Specialty Nordics in delivering insurance solutions for onshore windfarms, mainly within Sweden, alongside a comprehensive package designed for small to medium-sized enterprises (SMEs) covering commercial property and legal liability. SiriusPoint will act as the sole risk bearer for these insurance products.
Rob Gibbs, president & CEO of SiriusPoint International, highlighted the strategic importance of this partnership, noting Ryan Specialty Nordics’ specialized underwriting skills and regional insights as pivotal to enhancing SiriusPoint’s footprint in the Nordic area.
“We are pleased to support this new program at a time of increased focus from the Swedish government on renewables and a drive towards greater windfarm utilization,” Gibbs said. “The deal also demonstrates a continuing diversification of our portfolio in Stockholm and aligns with our strategy to develop MGA partnerships based on risk appetite alignment and synergy with the company’s underwriting expertise, vision and values.”
Ryan Specialty Nordics, a subsidiary of Ryan Specialty operates as a specialty MGU, representing various Lloyd’s of London syndicates and company markets through Lloyd’s Insurance Company SA. It is known for its niche underwriting expertise, particularly in the Nordic and EEA (European Economic Area) regions, supported by a local team based in Stockholm.
“We are excited to be working with SiriusPoint on this new program. We will benefit from the financial security and market expertise of SiriusPoint’s underwriters, which will support Ryan Specialty Nordics’ ambitions to expand our current product offering to include renewable energy in Sweden and in the rest of the Nordics,” Ryan Specialty Nordics director Jan Hallberg said.
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