SiriusPoint announced a new partnership with Nordic Marine Insurance (Nordic Marine) based in Stockholm, which will primarily focus on underwriting Hull & Machinery (H&M), Yacht Owners Charter Cancellation and Marine Delay business.
Founded in 2012, Nordic Marine is an insurance company that provides niche insurance products to the global maritime industry and offers mainstream marine coverage through strong partnerships with major reinsurers.
This is the second managing general agent (MGA) to emerge through SiriusPoint International’s MGA Center of Excellence, launched this year to provide a collaborative onboarding experience for new MGA partners.
Rob Gibbs, President and CEO, SiriusPoint International, said: “MGA distribution is a core part of SiriusPoint International’s growth strategy. We are delighted to have established a partnership with Nordic Marine, whose unrivaled and highly skilled underwriting expertise fits perfectly with our plans to grow the marine business on our international platform.
According to SiriusPoint, the deal reinforces the re/insurer’s targeted strategy to develop MGA partnerships based on revenue, alignment of risk appetite and synergy of underwriting expertise, vision and company values.
Gibbs continued: “I am particularly proud that SiriusPoint International’s MGA Center of Excellence has successfully onboarded a new expert partner who will strengthen our distribution, international profile and global footprint.
“Our international MGA approach mirrors the structure of the Company’s North American programs and allows operational efficiencies and access to expertise across the Company’s global platform, allowing partners to benefit from our ‘One SiriusPoint’ ethos.”
Dan Lennhammer, Managing Director, Nordic Marine Insurance, commented: “We are very pleased to have agreed a partnership with a major global re/insurer of the size and strength of SiriusPoint.
“SiriusPoint’s growing marine capabilities and capacity, combined with our highly niche knowledge and experience in marine underwriting, will enable us to focus on providing customized insurance solutions in our core markets across world.”
SiriusPoint’s Marine team works with local and global marine insurers and brokers to provide solutions to support clients’ risk appetites and coverage requirements, while the Marine Reinsurance offering includes liability arising from maritime activity and coverage related to the transportation of goods
