Global specialty re/insurer SiriusPoint Ltd has entered a strategic partnership with Balance Partners, a North American managing general underwriter (MGU), to support a new excess construction liability program.
The program, branded as Vertical, offers up to US$5 million in lead and follow excess layers. It targets contractors operating in New York, including electricians, plumbers, masons, drywall and glass installers, and HVAC service providers. SiriusPoint will provide underwriting capacity for the initiative.
Vertical will be led by John LoPorto (pictured above), head of Balance Partners’ New York excess construction division.
LoPorto noted that while the US construction sector was significantly impacted during the COVID-19 lockdowns, activity has since resumed at high levels. He said that there is strong demand in the broker market for alternative capacity and specialized coverage solutions.
In 2025, the construction industry continues to navigate a complex landscape of liability risks, insurance coverage options, and evolving market trends.
One of the top concerns for construction businesses is ensuring that subcontractors adhere to safety protocols and quality standards is crucial. Inadequate oversight can lead to defects and accidents, resulting in significant liability.
With increasing emphasis on sustainability, construction activities are also under scrutiny for their environmental impact. Non-compliance with environmental regulations can lead to hefty fines and legal actions.
The adoption of digital technologies has exposed construction companies to cyber risks. Data breaches and cyberattacks can disrupt operations and compromise sensitive information.
A dwindling skilled labor pool can also lead to project delays and increased reliance on less experienced workers, heightening the risk of errors and accidents.
According to Reed Intelligence, the global construction liability insurance market was valued at US$56.13 billion in 2024 and is projected to reach US$82.13 billion by 2032, representing a compound annual growth rate (CAGR) of 4.32% over the forecast period from 2024 to 2032.
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