SiriusPoint Ltd has teamed up with Texas-based advisory firm start-up Hestia Capital.

The partnership is SiriusPoint’s first since the company launched in February with more than $3 billion in capital.

Bermudian-headquartered international specialty re/insurer SiriusPoint said Hestia was established by industry executives Jean Francois Bahier and Peter Norris. The company will focus on sourcing and developing structured speciality insurance and reinsurance transactions and insurance-related investments in underserved or specialised markets.

SiriusPoint said it has made an investment in the company and can provide re/insurance paper and capacity for the new venture.

Dan Malloy, president, global distribution at SiriusPoint, said: “Our partnership with Hestia expands SiriusPoint’s ability to access alternative markets. Hestia’s focus on the creation of new products to answer clients’ risk management and capital needs is a valuable service in the current market.

“We look forward to working with them on a pipeline of innovative projects, including the complementary healthcare product we have recently launched together in Poland.”

SiriusPoint said Mr Bahier and Mr Norris most recently headed up the Unique Risk Underwriting division at AmTrust Financial Services, building a highly profitable non-cat exposed diversified book of structured insurance and reinsurance deals.

Both worked at AmTrust from 2009, Mr Bahier as president of the URU and Mr Norris as a London-based underwriter of the division. The pair joined AmTrust from the Imagine Group.

Mr Bahier said: “I am pleased to announce the establishment of Hestia in Texas and delighted to have SiriusPoint as a partner. We look forward to working with the entrepreneurial and innovative SiriusPoint team helping them to create risk management solutions for their clients.”

Mr Norris added: “Our relationship with SiriusPoint solidifies our participation in the re/insurance market. We will shortly announce a partnership on the alternative asset side of our business.”

SiriusPoint said Hestia has said it aims to open additional offices in Europe as its operations grow.