Global specialty insurer and reinsurer, SiriusPoint Ltd., has responded to the recent development concerning CMIG International Holding Pte Ltd (CMIH), the parent company of CM Bermuda—a key shareholder with 33% ownership and 9.9% voting rights in SiriusPoint.
CMIH has entered private receivership as reported, a move initiated by its lenders in Singapore. The appointed receiver, EisnerAmper—an audit, accounting, and tax firm—will assess relevant assets and determine future restructuring plans.
Scott Egan, CEO of SiriusPoint, addressed the situation, stating, “The news of CMIH being taken into private receivership is a matter between its shareholders and lenders, and has no impact on the ongoing progress or day-to-day running of our business.”
Egan affirmed that SiriusPoint’s focus remains on streamlining operations, reducing volatility, and building profitability.
S&P Global Ratings supports this stance, indicating that the change in ownership is presently deemed a neutral factor and is unlikely to impact the assessment of SiriusPoint’s business position or financial strength.
This aligns with the ratings agency’s recent revision of SiriusPoint’s outlook from ‘Negative’ to ‘Stable’ on November 9, 2023. The revision reflected the expectation of continued strong and improving underwriting results in 2023-2025.
Egan acknowledged the revised outlook, attributing it to the collective efforts of SiriusPoint’s team in establishing a stable platform.
Despite the significant holding of shares by CM Bermuda, S&P Global Ratings notes that the limited voting rights (9.99%) previously rendered the ownership by CM Bermuda as neutral to their ratings.
The ongoing uncertainty in SiriusPoint’s ownership structure will be closely monitored as EisnerAmper navigates through the receivership process, S&P Global Ratings noted.
