SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, and Eaton Gate, a London-based managing general underwriter (MGU), announced a new partnership.
Eaton Gate writes in excess of £100 million GWP through its group of managing general agents (MGA) and is one of the largest MGU/MGAs in the UK.
The partnership will be primarily focused on UK property/casualty insurance business. The deal reinforces SiriusPoint’s highly targeted strategy to develop MGA partnerships based on income, risk appetite alignment and synergy with the company’s underwriting expertise, vision and values.
Serious Change Underway at SiriusPoint
Eaton Gate is the first MGA partnership to have emerged from SiriusPoint International’s new MGA Centre of Excellence, which was launched earlier in the year to deliver an efficient and collaborative onboarding experience for new MGA partners. The approach mirrors the company’s North American structure and enables operational efficiencies and access to expertise across the company’s global platform, allowing partners to benefit from the “one SiriusPoint” ethos, the company said.
“Our partnership with Eaton Gate is a major first step in the delivery of our International strategy. I’m proud to see the SiriusPoint International MGA Centre of Excellence putting our plan into practice and collaborating across the global business to make it happen,” commented Rob Gibbs, chief executive officer, SiriusPoint International.
Jonathan Matthews, group chief operating officer, Eaton Gate said: “The addition of a global partner like SiriusPoint to the Eaton Gate panel will support the next stage of our growth. Combining the strongest underwriting capacity available, and a senior management with blue-chip UK market pedigree, SiriusPoint will accelerate our strategy to service our national and selected regional broking partners and their customers with interesting and useful SME commercial and mid-market home underwriting capability.”
Aon played a key role as the broker for the partnership between SiriusPoint and Eaton Gate.
About SiriusPoint
SiriusPoint has licenses to write property/casualty and accident & health insurance and reinsurance globally. The company maintains a portfolio of strategic partnerships with managing general agents and program managers within its Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch.
About Eaton Gate
Founded in 2016 by serial entrepreneur Gary Burke, Eaton Gate specializing in UK mid-market commercial insurance. It has quickly gained traction in the market and is regularly writing policies in excess of £50,000 per annum.
Source: SiriusPoint
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