Sirius’s new E&S unit to write environmental business

Sirius International Insurance Group has expanded its US excess and surplus lines (E&S) platform to write environmental business as of the start of 2021, following the new unit starting to issue certain travel and health policies in September.

In a move first revealed by The Insurer, Sirius set up an E&S unit earlier this year as it continued to add capabilities ahead of its merger with Third Point Re, which is expected to close in the first quarter of next year.

Sirius was granted authority to establish the New Hampshire based domestic surplus lines insurer, Sirius Specialty Insurance Company (SSIC), with authority for various lines of business including accident and health and property casualty.

SSIC was capitalized in August 2020 and began issuing certain travel/health insurance policies in September.

Sirius Group’s environmental and construction professional team will begin underwriting on behalf of SSIC in January 2021.

“Sirius launched its environmental US specialty insurance business in 2017 and we continue to look for opportunities to expand our offerings and enter new lines of business in the specialty insurance market,” said Dan Wilson, Sirius Group president, US specialty insurance. “With the hardening rates in the E&S market, we see a significant opportunity in this space and our new E&S platform enables us to diversify our specialty insurance operations in the US.”

Sirius’s existing environmental liability business provides coverage for fixed facilities, contracting services and professional liability with capacity of $25mn.

Doug Stepenosky, Sirius Group managing director, environmental and construction professional team, said “our broker partners asked us for easier access to the E&S market and, by launching our new US based platform, we have simplified our structure”.

Stepenosky added that SSIC is now listed as a domestic insurer with the National Association of Insurance Companies with widespread eligibility throughout the US.