Woodbridge N.J., March 20, 2024 – NIP Group (“NIP”), a leading specialty insurance provider, and SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, have today announced a strategic partnership to form a new Excess and Surplus (E&S) program underwriting platform.
SiriusPoint and NIP will initially leverage their combined strengths to foster innovation within NIP’s LandPro program, the premier national insurance program for landscapers. This collaboration aims to specifically cater to the unique requirements of top landscaping companies in the United States, with all-year services including landscape construction and snow removal. Following this initial launch, NIP and SiriusPoint intend to apply their solutions across other NIP programs on a targeted basis, further elevating NIP’s product offering.
NIP and SiriusPoint will harness their collective strengths in the specialty insurance market, including the ability to combine capabilities of admitted, E&S, and alternative risk segments with disciplined program underwriting. The new platform is specifically designed to support NIP’s portfolio of over 25 programs by tailoring solutions to address the more complex and emerging needs of its program business.
Patrick Charles, Head of North America Insurance at SiriusPoint, said: “We are looking forward to working with NIP, which has a strong reputation for creating successful programs within niche markets in the US. This strategic partnership represents a continuation of our commitment to achieving sustainable underwriting profitability by building relationships with programs that align with our specialisms and risk appetite. I’m pleased that the stability and expertise we offer in the program space is continuing to attract high caliber program administrators such as NIP.”
Tom Doherty, SVP of National Programs at NIP, expressed enthusiasm about the partnership to develop a new E&S platform, leveraging SiriusPoint’s expertise and speed to take advantage of favorable market conditions: “This partnership allows us to offer comprehensive solutions across our Admitted, E&S, and Alternative Risks underwriting platforms to our specialty broker network. By combining these underwriting capabilities with our integrated Wholesale team, we can provide brokers with sophisticated solutions through a single, streamlined relationship.”
About NIP Group
NIP Group is the leading specialty insurance provider, offering comprehensive package solutions and monoline insurance products for 25+ industries and 50+ classes. For more than 35 years, we’ve proudly partnered with best-in-class, A rated XV carriers and a trusted, national network of insurance brokers, working together to protect safety-focused organizations from coast to coast. Learn more at www.nipgroup.com.
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
