HAMILTON from Bermuda, February 26, 2021 / PRNewswire / – SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”), an international specialty insurance and reinsurance company, launched today with more than 3 billion dollars in initial capital.
The Bermudawas formed as a result of the previously announced merger between Third Point Reinsurance Ltd. (NYSE: TPRE) (“Third Point Re”), a specialty reinsurer, and Sirius International Insurance Group, Ltd. (Nasdaq: SG) (“Sirius Group”), a global multi-line insurer and reinsurer.
SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and are licensed to operate in Bermuda, United States, Sweden, Great Britain, Belgium, Switzerland, Canada and Singapore.
The Company has launched itself as one of the first major re / insurers of the 2020 Class, with a strong capital structure, a global platform, underwriting talents and long-standing relationships with clients and brokers. already in place.
“I am delighted to announce the launch of SiriusPoint,” said Sid sankaran, CEO and President of SiriusPoint. “This is a strategic union of two highly complementary organizations. SiriusPoint is an opportunity to leverage our combined strengths and refocus our organization on profitability, innovative partnerships and solutions. Our vast footprint combined with our ability to be agile and responsive will be truly differentiating.
“We aspire to be a disruptive force in the industry and drive technological innovation – with skilled underwriting at the heart of everything we do. We have made it our goal to challenge the status quo and define new ways of doing business with a diversity of thinking and expertise. I am very excited about our future. We are building a business and a culture we can be proud of. “
SiriusPoint is built around a global platform that provides insurance and reinsurance solutions services to clients and brokers in nearly 150 countries with both accepted and non-accepted paper access in Europe, United States, Bermuda, and Lloyd’s of London. A new division, Insurance and Services, has been created to seek strategic investment and partnership opportunities.
SiriusPoint’s lines of insurance include: environment, property, energy, workers’ compensation and aviation and space, while the company’s reinsurance lines include: life, accidents and health, property, marine and energy, accidents, aviation and space, and credit and bonds. SiriusPoint also offers Runoff solutions.
SiriusPoint also announced today the appointment of two new members to its Board of Directors. Franklin (Tad) Montross is the former Chairman and CEO of General Reinsurance, a company owned by Berkshire Hathaway, and until 2016 was responsible for global underwriting policies, practices and protocols, as well as its actuarial and risk management areas . Sharon M. Ludlow is a seasoned executive and corporate director with over 25 years of experience in the life and health reinsurance and property and casualty reinsurance industries. During her career, Ms. Ludlow was President and CEO of Canadian Operations of Swiss Re and President of Aviva Insurance Company of Canada.
As previously announced, Rachelle keller, previously director of Sirius Group, and Peter WH Tan of CM Bermuda Limited, are also joining the SiriusPoint Board of Directors. The rest of the board will move from their equivalent roles at Third Point Re.
SiriusPoint Ltd. (SiriusPoint) is one of the world’s 20 leading insurers and reinsurers providing solutions to clients and brokers in nearly 150 countries. Bermuda– companies with offices around the world, we are listed on the New York Stock Exchange (SPNT). We build a global portfolio of Accidents and Health, Property, Liability and Specialty activities, combining data and creative thinking to underwrite risks with skill and discipline. With over 3 billion dollars Total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) by AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the control of the Company. The Company cautions you that forward-looking information presented in this press release does not constitute a guarantee of future events, and that actual events may differ materially from those made or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements can generally be identified by the use of forward-looking terms such as “may”, “plan”, “seek”, “comfortable with”, “will”, “expect”, ” intend ”,“ estimate ”,“ anticipate ”,“ believe ”or“ continue ”or its negative or its variations or similar terminology. Actual events, results and results may differ materially from the Company’s expectations due to various risks, uncertainties and other known and unknown factors. While it is not possible to identify all of these risks and factors, they include, but are not limited to, the following: operating results fluctuate and may not be indicative of our outlook; a pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak, may have a negative impact on our financial condition or results of operations; more established competitors; losses exceeding reserves; highly cyclical property and casualty reinsurance industry; losses from exposure to disasters; downgrading, delisting or change in rating outlook by rating agencies; significant decrease in our capital or surplus; dependence on key managers; inability to repay our debt; limited cash flow and liquidity due to our indebtedness; the inability to raise the funds necessary to pay the principal or interest on the debt; potential lack of availability of capital in the future; the credit risk associated with the use of reinsurance brokers; future strategic transactions such as acquisitions, divestitures, mergers or joint ventures; technological flaws or failures, including cyber attacks; lack of control over Third Point Enhanced LP (“TP Fund”); lack of control over the allocation and performance of the TP Fund investment portfolio; dependence on Third Point LLC to implement TP Fund’s investment strategy; limited ability to withdraw our capital accounts from the TP Fund; drop in income due to the poor performance of the TP Fund investment portfolio; TP Fund’s investment strategy involves risks greater than those faced by competitors; the termination by Third Point LLC of our investment management or TP Fund agreements; potential conflicts of interest with Third Point LLC; losses resulting from large investment positions; the credit risk associated with failure to meet the obligations of counterparties; ineffective investment risk management systems; fluctuations in the market value of the TP Fund investment portfolio; the trading restrictions imposed on the investments of the TP Fund; the limited termination provisions in our investment management agreements; limited liquidity and lack of valuation data on some TP Fund investments; fluctuations in the market value of our fixed income securities; Economic downturns in the United States and around the world; the specific characteristics of investments in mortgage-backed and other asset-backed securities, in issues issued outside the United States, and in distressed or distressed companies; the loss of key employees of Third Point LLC; Third Point LLC’s compensation arrangements may encourage risky or speculative investments; more stringent regulation or review of alternative investment advisers affecting our reputation; suspension or revocation of our reinsurance licenses; be potentially considered an investment company under US federal securities law; failure of reinsurance subsidiaries to meet minimum capital and surplus requirements; changes in Bermuda or any other law and regulation that may have a negative impact on our operations; SiriusPoint could become subject to US federal income tax; the potential characterization of SiriusPoint as a passive foreign investment firm; submitting our affiliates to base erosion and the anti-abuse tax; potentially becoming subject to US withholding and information reporting requirements under the Foreign Account Tax Compliance Act; risks associated with the inability to realize the expected benefits of the merger with Sirius International Insurance Group, Ltd .; The capacity and success of Arcadian Risk Capital Ltd. to underwrite the activity indicated, its expansion plans and the ability of the company to place quota share reinsurance in the portfolio; and other risks and factors listed under “Risk Factors” in the Company’s latest Annual Report on Form 10-K and in other periodic and current information filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are posted, and we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE SiriusPoint Ltd.