SiriusPoint backs security insurance MGU

Specialty re/insurer SiriusPoint has agreed a strategic partnership with a managing general underwriter focused on security industry risks. 

The Bermuda-based re/insurer will be the sole carrier partner for Euclid Security’s Liability programme, which covers security services, alarm services and fire suppression protection. Through the programme, Euclid Security will underwrite commercial general liability and excess liability risks within the US market, the companies said. 

“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 unrivalled expertise, on a programme led by an experienced and talented underwriting team. Our partnership reflects SiriusPoint’s sustained commitment to working with high calibre administrators with expert knowledge in their specialisms that align with SiriusPoint’s risk appetite.”

Illinois-based Euclid Security is underpinned by Euclid Program Managers, which has been in the programme insurance space for 32 years. 

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.”

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