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SiriusPoint agrees to new partnership with MGA

Sirius Point Ltd, the Bermuda-headquartered global specialty re/insurer, and Limit Financial, a managing general agent specialising in credit insurance and reinsurance solutions, have announced a multiyear underwriting capacity partnership and a strategic investment that will support existing and future credit insurance product offerings.

The partnership provides LimitFi with committed capacity to execute credit insurance, and SiriusPoint with immediate access to credit insurance opportunities underwritten through LimitFi’s platform, the companies said.

LimitFi will provide an end-to-end solution including the origination, analysis and management of all policies.

Adam Budnick, co-founder of LimitFi, said: “LimitFi is committed to delivering value to re/insurers by providing a platform that results in better risk-taking, more diversified exposures and enhanced profitability for our partners.

“This new partnership will play an integral role in LimitFi delivering on its mission.”

With their multiyear underwriting capacity arrangement and SiriusPoint’s investment in LimitFi, the companies aim to improve and expand on the already growing credit insurance market.

Prashanth Gangu, COO and president, insurance and services, SiriusPoint, said: "We are thrilled to announce our partnership with LimitFi. Credit insurance is an increasingly important product for many counterparties.

“We see a significant opportunity to capitalise on the rapidly growing market need for non-payment insurance that is not currently being met.

“SiriusPoint considered several approaches to market and decided on a multiyear underwriting capacity arrangement and investment partnership with LimitFi.

“We were impressed by the team's vision, underwriting skill, analytical approach and deep market relationships. The LimitFi future road map with regards to talent, development and technology is extremely promising.”

Zach Smith, co-founder of LimitFi, added: “The addition of SiriusPoint to the LimitFi platform will be a tremendous accelerant to LimitFi’s capabilities and growth. We thank our new partners for making this possible.”

Prashanth Gangu, COO and president, insurance and services, SiriusPoint (File photograph)

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Published November 09, 2021 at 2:49 pm (Updated November 09, 2021 at 8:56 pm)

SiriusPoint agrees to new partnership with MGA

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