SiriusPoint officially opens its doors for business
SiriusPoint has officially launched with over $3 billion in initial capital.
The Bermuda-based Company is the product of the union of Third Point Reinsurance, the specialty reinsurer, and Sirius International Insurance Group, a global multi-line re/insurer.
Meanwhile, Franklin Montross and Sharon Ludlow have been appointed as new members to SiriusPoint’s board of directors.
Montross is the former chairman and chief executive officer of General Reinsurance, a Berkshire Hathaway-owned company. Ludlow has more than 25 years’ of experience in the life and health and property and casualty reinsurance industries, having served as president and chief executive of the Canadian operations of Swiss Re and as president of Aviva Insurance Company of Canada.
Rachelle Keller, previously a director of Sirius Group, and Peter Tan from CM Bermuda, are also joining SiriusPoint’s board of directors. The remaining members of the board will transition from their equivalent roles at Third Point Re.
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, the US, Sweden, the UK, Belgium, Switzerland, Canada and Singapore.
It is built around a global platform that provides re/insurance 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.
Insurance lines include: environmental; property; energy; workers' compensation; and aviation and space. Reinsurance lines include: life; accident and health; property; marine and energy; casualty; aviation and space; and credit and bond. SiriusPoint also offers runoff solutions.
A new division called insurance and services has been formed to seek out strategic investment and partnership opportunities.
Sid Sankaran, chief executive officer and chairman of SiriusPoint, emphasised the highly complementary nature of the organisations’ businesses. “SiriusPoint is an opportunity to leverage our combined strengths and refocus our organisation on profitability, innovative partnerships, and solutions,” he said. “Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating.”
Sankaran said SiriusPoint aspires to be a disruptive force in the industry and to drive technology innovation, with skilled underwriting at the core of its offering. “We have set a goal to challenge the status quo and define new ways of conducting business with diversity of thought and expertise,” he said.
