SiriusPoint partners with ProVerity for customized professional liability solutions

The program administrator was established earlier this year

By Kenneth Araullo

Dec 06, 2023 Share

Global specialty re/insurer SiriusPoint, along with ProVerity Underwriters, a program administrator, have announced a new strategic partnership aimed at enhancing their presence in the professional liability market.

As part of the collaboration, SiriusPoint will provide capacity and work closely with ProVerity to create tailored solutions targeting the professional liability sector. ProVerity, established in 2023 and headquartered in Philadelphia, specializes in underwriting complex risks. The company offers a range of specialty products in areas of professional liability business that are often underserved, including miscellaneous professional, architects and engineers, and excess professional.

“Our partnership with ProVerity will significantly strengthen our footprint in the professional liability space. ProVerity’s underwriting expertise, vision and values, and its commitment to sustainable underwriting throughout hard and soft market cycles supports SiriusPoint’s strategy to work with programs that align with our risk appetite, growth plans, and specialisms,” SiriusPoint head of North America insurance Patrick Charles said.

“I am thrilled to have SiriusPoint as our carrier partner. Its financial strength, commitment to professional lines, and alignment with ProVerity’s underwriting approach are pivotal factors to our success as we enter the professional liability space,” ProVerity managing director Marc Garganigo said.

Elsewhere for the firm, SiriusPoint recently announced an extension of its partnership with Bermuda-based managing general agent (MGA) Banyan Risk.

What are your thoughts on this story? Please feel free to share your comments below.