Under the alliance, the companies will look to offer a unique formula of underwriting expertise and capital resources and concerted marketing in the surety sector.
The partners will combine their specialities to benefit brokers and their clients in North America and internationally.
Applied Underwriters president Jamie Sahara said: “Today, Applied Surety Underwriters is actively accepting new business in all of North America, writing single bonds up to $50m and aggregate programmes up to $150m.
“The North American market, itself larger than the balance of the world’s surety markets, has shown us that it is wide open for our newly combined, strongly competitive offerings.”
Through the collaboration, Applied Surety Underwriters will gain increased US Treasury capacity while SiriusPoint will benefit from Applied Underwriters’ broader marketing, supply and underwriting expertise to boost growth.
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SiriusPoint North American Insurance head Patrick Charles said: “Applied Surety Underwriters’ talented team and business strategy complement SiriusPoint’s ambition to partner with expert underwriting operations which have strong distribution in focused market niches.”
The Life Reinsurance Team of SiriusPoint recently unveiled a new medical insurance product, Blue Ocean LifeTime, in China to enhance access to affordable medical care.