SiriusPoint Ltd, a global speciality insurer and reinsurer, has announced a new strategic alliance with one of the largest independent insurance brokerages in the United States.

The firm has partnered with Holmes Murphy and its wholly owned subsidiary and managing general agent, Innovative Programme Solutions, to launch a new umbrella excess insurance product exclusively tailored to captives managed by Holmes Murphy and its subsidiary companies.

As a carrier partner, SiriusPoint will write this umbrella excess line for captive members on a non-admitted basis.

Patrick Charles, head of North America Insurance at SiriusPoint, said the captive insurance market is experiencing significant growth and transformation, partly driven by the desire for businesses to better manage their risk exposure.

“Through this relationship, IPS and Holmes Murphy are offering companies access to a unique captive insurance solution that creates greater control and opportunity,” Mr Charles said.

He added that at SiriusPoint the aim is to broaden its MGA partner portfolio by working with ambitious partners and helping them to excel through long-term collaborations.

“We believe Holmes Murphy is one of the best organisations for captive business in the market and we look forward to partnering with its expert team to serve its growing customer base,” he said.

IPS president Tim Anders said umbrella/excess coverage is a critical need for organisations forced to find ways to address this area of continuously increasing costs.

“We are excited to launch this programme with SiriusPoint as they bring a wealth of expertise, a proven track record and a talented team into this partnership,” Mr Anders said. “The collaboration between IPS, SiriusPoint and multiple Holmes Murphy subsidiaries will deliver solutions for our best-in-class brokerage partners and high-quality, risk-aware insureds.”