SiriusPoint has entered a strategic partnership with Balance Partners, a North American managing general underwriter, to provide capacity for Balance Partners’ new Excess Construction Liability program, Vertical, which underwrites lead and following excess layers of up to $5 million.
The new program, led by John LoPorto, Head of Vertical at Balance Partners’ New York Excess Construction Division, covers tradespeople in New York, including electricians, plumbers, masons, drywall and glass installers, and HVAC service providers.
LoPorto commented, “We recognized a significant need in the market for alternative capacity in Excess Construction liability, in addition to a strong appetite from the broker market for innovative solutions in this space.
“With our new program, we have a unique opportunity to innovate in the marketplace by introducing a product that better serves the needs of tradespeople.
“At Balance Partners, we are focused on developing valued, mutual relationships built upon performance-based underwriting expertise. We were eager to collaborate with a partner whose values and strategy aligns with our way of working.
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“SiriusPoint is a key player in the industry, known for its strong financial performance and commitment to long-term distribution relationships.”
Patrick Charles, Head of North America Insurance at SiriusPoint, added, “We look forward to working with John and the Balance Partners team and supporting them with capital and expertise to meet the growing demand for Excess Construction risk in New York. We see strong potential for growth in this challenging but often misunderstood market over the coming years.”
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