Partnership further enhances LimitFi’s platform providing credit insurance and reinsurance solutions
NEW YORK, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Limit Financial (LimitFi), a managing general agent (MGA) specializing in credit insurance and reinsurance solutions, and SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), a global specialty insurer and reinsurer, today announced a multi-year underwriting capacity partnership and a strategic investment that will support existing and future credit insurance product offerings.
This partnership provides LimitFi with committed capacity to execute credit insurance, and SiriusPoint with immediate access to credit insurance opportunities underwritten through LimitFi’s platform. LimitFi will provide an end-to-end solution including the origination, analysis, and management of all policies.
“LimitFi is committed to delivering value to (re)insurers by providing a platform that results in better risk taking, more diversified exposures and enhanced profitability for our partners,” said Adam Budnick, co-founder of LimitFi. “This new partnership will play an integral role in LimitFi delivering on its mission.”
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in LimitFi, the companies aim to improve and expand on this already growing credit insurance market.
"We are thrilled to announce our partnership with LimitFi. Credit insurance is an increasingly important product for many counterparties. We see a significant opportunity to capitalize on the rapidly growing market need for non-payment insurance that is not currently being met,” said Prashanth Gangu, COO and President, Insurance and Services, SiriusPoint. “SiriusPoint considered several approaches to market and decided on a multi-year underwriting capacity arrangement and investment partnership with LimitFi. We were impressed by the team's vision, underwriting skill, analytical approach, and deep market relationships. The LimitFi future roadmap with regards to talent, development and technology is extremely promising.”
“The addition of SiriusPoint to the LimitFi platform will be a tremendous accelerant to LimitFi’s capabilities and growth,” said Zach Smith, co-founder of LimitFi. “We thank our new partners for making this possible.”
About Limit Financial (LimitFi)
Limit Financial is a managing general agent (MGA) specializing in credit insurance and reinsurance solutions. The platform helps clients diversify risks through best-in-class underwriting, maximum transparency, and unparalleled service to the (re)insurance community. This credit insurtech firm sources, underwrites, and places credit insurance with a panel of (re)insurers and seamlessly manages the contract lifecycle. The LimitFi technology platform enables financial services companies to more effectively access and manage credit risk, reduce capital requirements, and mitigate volatility. For more information, please visit www.limitfi.com.
SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint's operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
SiriusPoint Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws including the companies’ improvement of and expansion into the credit insurance market. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.