SiriusPoint announces new strategic partnership with construction liability managing general underwriter Balance Partners
March 26, 2025
Hamilton, Bermuda (March 26, 2025) – SiriusPoint Ltd. ("SiriusPoint") (NYSE:SPNT), a global specialty insurer and reinsurer, has today announced a new strategic partnership with Balance Partners, a North American managing general underwriter.
SiriusPoint is a capacity provider for Balance Partners' new Excess Construction Liability program – Vertical – which underwrites lead and following excess layers of up to $5 million. The program covers tradespeople operating in New York, including electricians, plumbers, masons, drywall and glass installers, and those offering heating, ventilation, and air conditioning services.
The new program will be led by John LoPorto, Head of Vertical, Balance Partners' New York Excess Construction Division. Mr LoPorto said the US construction industry was hit hard during the Covid lockdown, but construction activity is now booming, and there is a void in the market for Excess Contractors insurance.