SiriusPoint and LimitFi forge investment and capacity partnership
SiriusPoint has reached a multi-year underwriting capacity and strategic investment partnership with MGA Limit Financial (LimitFi), as it looks to capitalise on a “rapidly-growing market need” for credit insurance.
The partnership will provide LimitFi with capacity to provide credit insurance, and SiriusPoint with immediate access to credit insurance opportunities underwritten through LimitFi’s platform.
LimitFi, which specialises in credit insurance and reinsurance coverage, will provide an end-to-end solution for the origination, analysis and management of all policies.
Prashanth Gangu, COO and president for insurance and services at SiriusPoint, explained that the carrier had considered several approaches to market and decided on a multi-year underwriting capacity arrangement and investment partnership with LimitFi, after being impressed by the MGA’s “vision, underwriting skill, analytical approach, and deep market relationships".
Gangu added: “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.”
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.”
Capacity and investment deals have been mounting up for SiriusPoint this year.
Last month, the (re)insurer announced that it had acquired a “significant ownership stake” in Parameter Climate, the parametric-focussed climate risk advisory firm formed last year by weather risk veteran Martin Malinow.