Bermuda-based speciality re/insurer SiriusPoint has made an investment in European Managing General Agent (MGA) Alta Signa Holdings as part of its strategic partnership with the firm.
The size of the investment was not revealed.
Founded in 2019, Brussels-headquartered Alta Signa specialises in financial and professional lines insurance.
The firm, which has a branch network across Continental Europe, underwrites Management Liability, Professional Indemnity, Crime, and Cyber among other speciality insurance lines for its corporate and financial institution clients.
SiriusPoint has been a capacity provider for the firm since January 2022 and its investment in the firm is said to form “a scalable strategic partnership” between the two companies.
Commenting on the development, SiriusPoint head of International Strategic Business Development Bobby Heerasing said: “We are very pleased to add Alta Signa to our portfolio of strategic partnerships.
“Alta Signa has an experienced and highly qualified leadership team, with deep insurance relationships and a proven track record of delivering underwriting profitability.”
According to Heerasing, SiriusPoint will tap Alta Signa’s approach of taking specialised underwriting expertise to local brokers in the European retail market and expanding the scope of partnership across multiple lines.
Alta Signa CEO Gerard Loon said that SiriusPoint’s investment would provide the firm with the financial support to fast track our growth and create synergies that support both companies.
Loon said: “We are excited to become a distribution partner for selected SiriusPoint insurance products – the potential to leverage SiriusPoint’s insurance licenses and balance sheet on a multi-year basis is an attractive proposition for clients and brokers alike.
“I look forward to working more closely with the SiriusPoint team and benefiting from their speciality insurance expertise and collective management experience.”
The partnership comes as SiriusPoint looks to grow its portfolio of MGA and insurance services businesses.
Last month, SiriusPoint signed a partnership with Garentii, which offers digital home rental insurance.