SIRIUSPOINT ANNOUNCES NEW STRATEGIC PARTNERSHIP WITH BALANCE PARTNERS
- Balance Partners
- Mar 27
- 2 min read
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.
Mr. LoPorto said: “We recognized 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. With our new program, we have a unique opportunity to innovate in the marketplace by introducing a product that better serves the needs of tradespeople.
“At Balance Partners, we are 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. SiriusPoint is a key player in the industry, known for its strong financial performance and commitment to long-term distribution relationships.”
Commenting on the partnership, Patrick Charles, Head of North America Insurance at SiriusPoint, said: “We look forward to working with John and the Balance Partners team and supporting them with capital and expertise to meet the growing demand for Excess Construction risk in New York. We see strong potential for growth in this challenging but often misunderstood market over the coming years.”
