Partnership planned for business expansion
Distinguished Programs, the New York-headquartered national insurance programme manager, has partnered with Bermudian-based SiriusPoint Ltd to expand into environmental, construction pollution and professional insurance.
As part of the agreement, SiriusPoint's environmental team led by Doug Stepenosky will move to Distinguished.
Business will continue to be written on SiriusPoint paper per a multiyear programme agreement.
Claims handling on the existing book and new business will continue to be handled by the environmental claims team. Terms and conditions were not disclosed.
"We are thrilled to be working with SiriusPoint and appreciate the confidence they have shown in us," says Jason Rotman, president of Distinguished Programs.
"Distinguished has ambitious plans to bring on first class underwriting teams in specialty lines, and this is the next step to achieving that goal. Doug and his team bring unparalleled expertise in the environmental insurance space and are a welcome addition to the Distinguished team."
Mr Stepenosky added: "This is a great solution for everyone, particularly our clients and brokers.
"We now have all the tools to grow the business and to maintain consistency with the team and paper. We are appreciative of SiriusPoint's historical and future support and look forward to working with them for years to come."
In addition to Mr Stepenosky, the environmental team consists of 24 professionals with a wealth of combined environmental and insurance-related experience, the company said.
The programme will join Distinguished's existing primary and umbrella insurance coverages designed for real estate, fine art and collectibles, community associations, hotels, and restaurants.