SiriusPoint drops MGA deal with Mosaic
SiriusPoint has cancelled a plan to sell its Lloyd’s managing agency, SIMA, to Mosaic Insurance. The proposed sale, announced in March, preceded the arrival in September of Scott Egan as the new chief executive officer (CEO) of SiriusPoint.
The deal would have also included SiriusPoint investing in Mosaic, providing underwriting capacity to Mosaic’s syndicated capital programme and access to global licences and infrastructure through a fronting arrangement.
Mosaic confirmed that SiriusPoint had decided against the plan.
“We have received notice from SiriusPoint to terminate the transaction announced earlier this year,” said Mosaic co-CEO Mitch Blaser. “Mosaic remains committed to Lloyd’s and the London market, and our focus remains on our core specialty growth strategies. We’ll continue to work closely with our strong commercial partners to provide solutions to the most complex risks around the world. Mosaic is on a great growth trajectory, and we look forward to future prospects and successes.”
Soon after taking the helm at SiriusPoint, Egan announced plans to downsize the company’s workforce and global footprint, in a bid to bring its reinsurance business on track by steering away from property catastrophe risks via reduced market share and less exposure internationally.
Egan says the Lloyd’s market is core to SiriusPoint’s business and that its managing agency and team will remain part of the group.
