SiriusPoint Ltd., a global specialty insurer and reinsurer, and Euclid Security Programs LLC, a boutique managing general underwriter (MGU) specialising in security industry risks, have announced a new strategic partnership.
The partnership will see SiriusPoint become the sole carrier partner for Euclid Security’s Liability program, which provides coverage for security services, alarm services, and fire suppression protection.
Through this programme, Euclid Security will underwrite Commercial General Liability and Excess Liability risks in the US market.
SiriusPoint, known for its global speciality insurance and reinsurance services, focuses on innovative risk solutions.
The company is committed to collaborating with high-calibre administrators with expert knowledge that aligns with its risk appetite. Euclid Security, underpinned by Euclid Program Managers, boasts a 32-year heritage in the programme insurance space.
Euclid is an underwriting-first organisation that builds long-term relationships with partners in specialty niches and expert teams, fostering growth in profitable books of business.
The strategic partnership is expected to leverage the strengths of both companies. For SiriusPoint, this collaboration underscores its commitment to working with niche market leaders and expands its footprint in the US security industry.
For Euclid Security, the partnership offers robust support from SiriusPoint’s financial strength and underwriting discipline, enabling it to serve the security risks industry more effectively.
Patrick Charles, head of North America Insurance at SiriusPoint, expressed his enthusiasm for the partnership, “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. This is a great opportunity to work with a best-in-class MGU, with unrivalled 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, President and CEO of Euclid, remarked, “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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