Reinsurer SiriusPoint Ltd and Euclid Security Programs, a boutique managing general underwriter (MGU) specializing in security industry risks, have forged a new strategic partnership.
According to the announcement, SiriusPoint will become the sole carrier partner for Euclid Security’s liability program, which covers security services, alarm services, and fire suppression protection. It is said that through the program, Euclid Security will underwrite commercial general liability and excess liability risks within the US market.
Head of North America insurance for SiriusPoint Patrick Charles (pictured, left) expressed his full confidence in the deal, knowing its partner’s solid track record.
“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,” he said. “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.”
John Colis (pictured, center), president and CEO of Euclid Security, meanwhile, stated: “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.”
Euclid Security is underpinned by Euclid Program Managers, and 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,” Colis added.
Finally, Ed LaFramboise (pictured, right), managing principal of Euclid Security, commented that the backing of SiriusPoint’s financial strength, capabilities, and ‘underwriting-first’ discipline, created “a best-in-class platform to serve the security risks industry now and over the long-term.”
