By Chris Munro

March 20 - (The Insurer) - Holmes Murphy’s MGA platform Innovative Program Solutions $(IPS)$ has entered into a new partnership with SiriusPoint through which the Bermudian (re)insurer will provide capacity to a new captives-focused umbrella excess insurance product.

Through the tie-up, SiriusPoint will underwrite the new umbrella excess line for captive members on a non-admitted basis.

“The captive insurance market is experiencing significant growth and transformation, partly driven by the desire for businesses to better manage their risk exposure,” said Patrick Charles, head of North America insurance at SiriusPoint.

“Through this relationship, IPS and Holmes Murphy are offering companies access to a unique captive insurance solution that creates greater control and opportunity,” Charles added.

Charles said SiriusPoint’s aim is to broaden its MGA partner portfolio by working with what he described as “ambitious partners” and supporting them with long-term collaborations.

IPS president Tim Anders said umbrella/excess coverage “is a critical need for organisations forced to find ways to address this area of continuously increasing costs”.

“The collaboration between IPS, SiriusPoint, and multiple Holmes Murphy subsidiaries will deliver solutions for our best-in-class brokerage partners and high-quality, risk-aware insureds,” Anders noted.

Dan Keough-led Holmes Murphy launched full-service MGA unit IPS in May last year. The platform is led by programs and MGA market veteran Anders, whose career stretches back over 35 years and includes time spent at companies including Atlantic Mutual, The Hartford, Zurich, GuideOne, Breckenridge and Ryan Specialty.

During his career, Anders has worked with programs across a variety of industry classes and coverages.