SiriusPoint launches with $3bn of capital
Bermudian-based international speciality insurance and reinsurance outfit SiriusPoint Ltd launched today with more than $3 billion in initial capital.
The company has been formed as the result of the previously announced merger between Third Point Reinsurance Ltd, a speciality reinsurer, and Sirius International Insurance Group Ltd, a global multi-line insurer and reinsurer.
The company said its operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and are licensed to operate in Bermuda, the United States, Sweden, the United Kingdom, Belgium, Switzerland, Canada and Singapore.
SiriusPoint said it has launched as one of the first substantial re/insurers of the “class of 2020”, with a robust capital structure, global platform, underwriting talent, and longstanding client and broker relationships already in place.
Sid Sankaran, chief executive officer and chairman of SiriusPoint, said: "I am delighted to announce the launch of SiriusPoint. This is a strategic union of two highly complementary organisations. SiriusPoint is an opportunity to leverage our combined strengths and refocus our organisation on profitability, innovative partnerships, and solutions. Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating.”
He added: "We aspire to be a disruptive force in the industry and drive technology innovation – with skilled underwriting at the core of everything we do. We have set a goal to challenge the status quo and define new ways of conducting business with diversity of thought and expertise. I am very excited about our future. We are building a company and a culture we can be proud of."
SiriusPoint said it is built around a global platform that provides insurance and reinsurance solutions services to clients and brokers in almost 150 countries with access to admitted and non-admitted paper in Europe, the US, Bermuda, and Lloyd's of London. A new division, Insurance and Services, has been formed to seek out strategic investment and partnership opportunities.
The company's insurance lines include: environmental, property, energy, workers' compensation, and aviation and space, while the company's reinsurance lines include: life, accident and health, property, marine and energy, casualty, aviation and space, and credit and bond. SiriusPoint also offers runoff solutions, it said.
SiriusPoint also announced the appointment of two new members to its board of directors.
The company said Franklin (Tad) Montross is the former chairman and chief executive officer of General Reinsurance, a Berkshire Hathaway owned company, and held responsibility until 2016 for global underwriting policies, practices and protocols, as well as its actuarial and risk management areas.
SiriusPoint said Sharon M Ludlow is a seasoned C-suite executive and corporate director, with more than 25 years' of experience in the life and health, and property and casualty reinsurance industries. During the course of her career, Ms Ludlow served as president and CEO of the Canadian operations of Swiss Re and as president of Aviva Insurance Company of Canada.
As previously announced, Rachelle Keller, previously a director of Sirius Group, and Peter Tan from CM Bermuda Ltd, are also joining SiriusPoint's board of directors. The remaining members of the board will transition from their equivalent roles at Third Point Re, the company said.