Sirius launches formal process to sell the company

Sirius International Insurance Group has launched a formal process with a view to selling the company.

The sales process for Sirius Group will be overseen by the strategic review committee, in collaboration with a transaction advisory committee, which includes representatives of CM Bermuda, Sirius Group’s majority shareholder.

Sirius Group’s executive team and employees will continue operations as usual while the process is completed, although at this point no sale is certain. Sirius and CM Bermuda both indicated they will not comment any further on the matter unless a definitive transaction is entered into, or unless they are required by applicable law or listing requirements.

Kernan Oberting, president and chief executive officer of Sirius Group, welcomed CM Bermuda’s involvement in launching the sales process, which he said would “ensure the engagement necessary to facilitate an optimal outcome.”

Meyer Frucher, chairman of the board, said: “Maintaining the strength of Sirius Group’s 75-year deep-rooted franchise and maximising value for all stakeholders remains our number one priority.”