Bermuda-based SiriusPoint Ltd., the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, has officially launched with more than $3 billion in initial capital.
Led by Chief Executive Officer (CEO) and Chairman Sid Sankaran, SiriusPoint launches as one of the first substantial players of the Class of 2020, with a robust capital structure, global platform, underwriting talent, and long-standing client and broker relationships.
The new re/insurer’s operating companies have a financial strength rating of A- (Excellent) from A.M. Best, Fitch, and S&P, and are licensed to operate in Bermuda, the U.S., Sweden, the UK, Belgium, Switzerland, Canada, and Singapore.
“I am delighted to announce the launch of SiriusPoint. This is a strategic union of two highly complementary organizations. SiriusPoint is an opportunity to leverage our combined strengths and re-focus our organization on profitability, innovative partnerships, and solutions. Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating,” said Sankaran.
“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,” he added.
The company is built around a global platform and provides re/insurance solutions services to clients and brokers in almost 150 countries, with access to both admitted and non-admitted paper in Europe, the U.S., Bermuda, and Lloyd’s of London.
SiriusPoint has also today announced the launch of a new unit called Insurance and Services, designed to identify strategic investment and partnership opportunities.
The new carrier’s reinsurance lines of business include Life, Accident and Health, Property, Marine and Energy, Casualty, Aviation and Space, and Credit and Bond. While insurance lines include Environmental, Property, Energy, Workers’ Compensation, and Aviation and Space. Additionally, SiriusPoint also offers run-off solutions to clients.
In recent weeks, SiriusPoint has released details of its executive leadership team ahead of the merger completing. Today, the re/insurer has revealed two more additions to its Board of Directors, in Franklin (Tad) Montross and Sharon M. Ludlow.
Montross is the former Chairman and CEO of General Reinsurance, a Berkshire Hathaway company, and held responsibility for global underwriting policies, practices and protocols, as well as its Actuarial and Risk Management areas until 2016.
Ludlow, a seasoned C-suite executive and corporate director, brings more than 25 years of experience in the L&H and P&C insurance and reinsurance industries. During her career, Ludlow has served as President and CEO of the Canadian operations of Swiss Re and also as President of Aviva Insurance Company of Canada.