Global specialty re/insurer SiriusPoint has announced a partnership with Holmes Murphy, one of the largest independent insurance brokerages in the United States.
The collaboration aims to provide a new umbrella excess insurance product specifically designed for captives managed by Holmes Murphy and its subsidiary companies.
Under the agreement, SiriusPoint will serve as the carrier partner, writing the umbrella excess line for captive members on a non-admitted basis. The product will be offered through Innovative Program Solutions (IPS), Holmes Murphy’s wholly owned subsidiary and managing general agent (MGA).
The partnership reflects the growing demand for alternative risk solutions as businesses navigate changes in the re/insurance market.
SiriusPoint’s head of North America insurance, Patrick Charles (pictured above), said the captive insurance market is evolving as businesses seek to manage risk more effectively.
Umbrella and excess coverage play pivotal roles in the reinsurance landscape, offering insurers additional layers of protection against substantial losses.
In 2023, the US primary market for general liability and umbrella insurance was valued at US$87.7 billion, with the reinsurance segment accounting for US$22.6 billion. Notably, this market has more than doubled in size since 2014.
Meanwhile, the excess and surplus (E&S) market also experienced significant growth, with premiums comprising about 9% of total US industry premiums in 2023, up from approximately 5% in 2018. This surge is attributed to emerging new risks and declining capacity in admitted markets
Elsewhere, SiriusPoint also recently announced the closing of its previously disclosed agreement to repurchase all common shares and warrants held by CM Bermuda Limited for a total purchase price of US$733 million.
The company also confirmed the completion of a registered secondary offering of 4,106,631 common shares by entities associated with Daniel S. Loeb.
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