Reinsurer SiriusPoint Ltd, has teamed up with Balance Partners, a North American managing general underwriter, to take advantage of a gap in the construction industry.

SiriusPoint is a capacity provider for Balance Partners’ new excess construction liability programme Vertical, which underwrites lead and following excess layers of up to $5 million.

The programme covers tradespeople operating in New York, including electricians, plumbers, masons, drywall and glass installers, and those offering heating, ventilation, and air conditioning services.

Vertical head John LoPorto said a post-Covid-19 boom in the US construction industry has left a void in the market for excess contractors insurance.

“We recognised a significant need in the market for alternative capacity in excess construction liability, in addition to strong appetite from the broker market for innovative solutions in this space,” he said. “With our new programme, we have a unique opportunity to innovate in the marketplace by introducing a product that better serves the needs of tradespeople.”

Balance Partners is focused on developing valued, mutual relationships built upon performance-based underwriting expertise.

“We were eager to collaborate with a partner whose values and strategy aligns with our way of working,” Mr LoPorto said. “SiriusPoint is a key player in the industry, known for its strong financial performance and commitment to long-term distribution relationships.”

Patrick Charles, head of North America insurance at SiriusPoint saw strong growth potential in a challenging but often misunderstood market.