SiriusPoint year in review
A year after its launch, global re/insurer SiriusPoint Ltd says it is “just getting started”.
The Bermudian-headquartered company debuted on February 26 last year as one of the first fully formed re/insurers of the Class of 2020, following the merger of Third Point Reinsurance Ltd and Sirius International Insurance Group Ltd.
The company said it has spent the past 12 months shifting its business mix to create a more balanced portfolio of insurance and reinsurance, lowering volatility in its underwriting and investment portfolios, and growing its insurance and services platform and managing general agent partnerships.
Sid Sankaran, chairman and chief executive officer, said: “I am very proud of our incredible team and SiriusPoint’s many achievements over this last year, which have helped to dramatically reshape our company and establish us as a disruptive force in the industry.
“We have made significant progress positioning ourselves for the future, refocusing our underwriting and investment portfolios, and partnering with best-in-class MGAs.”
He added: “Large-scale transformation is challenging and ongoing, and we expect to make further progress in 2022 and beyond, delivering long-term, sustainable value to our clients and investors.
“We have outstanding, entrepreneurial talent and experience, an innovative and future-focused outlook and a commitment to driving positive change. We’re just getting started.”
The company said its differentiating insurance and services segment grows SiriusPoint’s insurance business by incubating and partnering with innovative MGAs and insurance services companies, attracting and supporting entrepreneurial talent.
The division is headed by Prashanth Gangu, chief operating officer and president, insurance and services, who said: “During our first year we evaluated well over 200 partnership opportunities and have launched strategic partnerships with around 20 companies, bringing our total number of partnerships to over 30.”
He added: “Our strategy is to grow by partnering with innovative and entrepreneurial MGAs and insurance services companies with unique, and often technological advantages.
“We have a strong pipeline of opportunities, a host of innovative partners to work with, and have attracted superb talent to support our strategy. I am hugely excited about what we are building at SiriusPoint to drive innovation in the industry.”
David Govrin, global chief underwriting officer and president, Americas Reinsurance, said: “We have made enormous strides this year towards building a strong, stable and less volatile underwriting portfolio.
“We still have work to do, but we have made an excellent start, creating a more balanced reinsurance portfolio and shifting capital and underwriting talent to support growth in our insurance business.
“We have a strong capital base and are focused on reallocating and optimising our underwriting capital to position SiriusPoint for long-term value and growth.
“We have built a fantastic team, an inspiring culture and have supportive clients and partners. I am very pleased with the progress we have made and look forward to the year ahead.”
Monica Cramér Manhem, president, international reinsurance, added: “Since we launched in February 2021, we have been focused on laying the groundwork for a profitable and sustainable reinsurance portfolio.
“Our focus for 2022 is on stabilising and growing our business by working closely with clients and brokers to develop opportunities in niche specialty lines where we have the expertise and talent to truly differentiate our offering.
“At the same time, we want to continue to develop our existing business and partnerships and leverage the relationships that we have built up over decades with clients and brokers across the globe. I am excited about what we can achieve together as we move forward.”
During its first year of operations, SiriusPoint said, it:
• Launched and began trading on the New York Stock Exchange on February 26 last year under the NYSE ticker symbol SPNT
• Established an insurance and services division and developed a brand as the go-to partner for insurtech entrepreneurs — providing start-ups with a range of services that can include advice, equity, debt capital, risk capital, a balance sheet, and legal and regulatory support
• Incubated Arcadian and Banyan which underwrite excess casualty, E&O, D&O and employment practices liability insurance products generally for large clients, and Joyn, a tech-enabled mid-market underwriter
• Established strategic partnerships with innovative and disruptive MGAs and insurance services companies, including Pie, Corvus, Vouch, Outdoorsy, Parameter Climate, LuckyTruck and PolicyMe
• Donated more than $270,000 to charities supporting educational, mental health and environmental causes in the communities where it operates, including Bermuda, New York and Stockholm
• Launched a continuing environmental, social and corporate (ESG) programme, becoming members of ClimateWise and signatories of the Business Coalition for the Equality Act, and CEO Action for Diversity & Inclusion
• Recruited significant and diverse new hires in key growth areas and functional support, with unique skills and expertise to build on outstanding existing talent
• Moved to a flagship office at 1 World Trade Centre in New York City
SiriusPoint also has offices in London, Stockholm, Singapore and throughout Europe, and serves clients in almost 150 countries.
It has more than $3 billion in total capital.