SiriusPoint and Holmes Murphy Collaborate on New Insurance Venture
SiriusPoint, a renowned insurer and reinsurer based in Bermuda, has joined forces with the independent U.S.-based insurance brokerage Holmes Murphy and its wholly owned subsidiary, Innovative Program Solutions (IPS). This strategic alliance is set to introduce an exclusive umbrella excess insurance product specifically designed for captives managed by Holmes Murphy and its affiliate entities.
SiriusPoint’s Role and Vision
As a carrier partner in this venture, SiriusPoint will underwrite the umbrella excess coverage for captive members on a non-admitted basis. Patrick Charles, the Head of North America Insurance at SiriusPoint, stated, “The captive insurance sector is witnessing remarkable growth and evolution, driven largely by businesses seeking improved risk management strategies. Through this partnership, IPS and Holmes Murphy are providing companies with a distinctive captive insurance option that enhances control and unlocks new opportunities.”
He further emphasized, “Our goal at SiriusPoint is to expand our MGA partner portfolio by collaborating with visionary partners and supporting them in achieving excellence through sustained partnerships. We are confident that Holmes Murphy stands out as a leading organization in the captive business sphere, and we are eager to work alongside their expert team to cater to their expanding clientele.”
Holmes Murphy’s Perspective on the Partnership
Tim Anders, President of IPS, expressed, “Umbrella/excess coverage is a vital requirement for organizations striving to tackle the relentless rise in associated costs. We are thrilled to launch this program in collaboration with SiriusPoint, whose extensive expertise, proven success, and skilled team bring immense value to this partnership.”
He added, “The synergy between IPS, SiriusPoint, and various Holmes Murphy subsidiaries aims to deliver innovative solutions to our exemplary brokerage partners and discerning, risk-aware insured clients.”
