Insurers participating in the program business market still say no to new program proposals more frequently than yes, but their appetites are expanding, experts say.
“This company was a no, no, no, we don't do company,” said Detlef Steiner, chairman of Delos Insurance Company, which used to be known as Sirius America Ins. Co., a specialty program writer.
With financial backing from Lightyear Capital, a private equity group, Mr. Steiner plans to move Sirius–which Lightyear bought from White Mountains in August–from a company writing nine programs and $150 million in premiums annually, to one (rebranded as Delos) that will write 20-to-30 programs and $700 million in premiums.
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