Reinsurance News

SiriusPoint made significant progress in 2021, says CEO

2nd March 2022 - Author: Matt Sheehan

Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint, has said that the company made “significant progress” in positioning itself for the future over the past year.

siriuspoint-logoHeadquartered in Bermuda, SiriusPoint launched in February 2021 as one of the first fully formed re/insurers of the Class of 2020, following the merger of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.

The company fell to a net loss of $140 million in the fourth quarter of 2021 but reported income of $45 million for the full year, as catastrophe losses dented the company’s underwriting performance.

SiriusPoint has spent the last 12 months shifting its business mix to create a more balanced portfolio of insurance and reinsurance, lowering volatility in its underwriting and investment portfolios, and growing its Insurance & Services platform and Managing General Agent (MGA) partnerships.

“I am very proud of our incredible team and SiriusPoint’s many achievements over this last year, which have helped to dramatically reshape our company and establish us as a disruptive force in the industry,” said Sankaran.

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“We have made significant progress positioning ourselves for the future, refocusing our underwriting and investment portfolios, and partnering with best-in-class MGAs. Large scale transformation is challenging and ongoing, and we expect to make further progress in 2022 and beyond, delivering long term, sustainable value to our clients and investors,” the CEO continued.

“We have outstanding, entrepreneurial talent and experience, an innovative and future-focused outlook, and a commitment to driving positive change. We’re just getting started.”

The company’s Insurance & Services segment grows SiriusPoint’s insurance business by incubating and partnering with MGAs and insurance services companies, headed by Prashanth Gangu, Chief Operating Officer and President, Insurance & Services.

“During our first year we evaluated well over 200 partnership opportunities and have launched strategic partnerships with around 20 companies, bringing our total number of partnerships to over 30,” said Prashanth.

“Our strategy is to grow by partnering with innovative and entrepreneurial MGAs and insurance services companies with unique, and often technological advantages. We have a strong pipeline of opportunities, a host of innovative partners to work with, and have attracted superb talent to support our strategy. I am hugely excited about what we are building at SiriusPoint to drive innovation in the industry.”

“We have made enormous strides this year towards building a strong, stable, and less volatile underwriting portfolio,” added David Govrin, Global Chief Underwriting Officer and President, Americas Reinsurance.

“We still have work to do, but we have made an excellent start, creating a more balanced reinsurance portfolio and shifting capital and underwriting talent to support growth in our insurance business. We have a strong capital base and are focused on reallocating and optimizing our underwriting capital to position SiriusPoint for long term value and growth,” Govrin continued.

“We have built a fantastic team, an inspiring culture and have supportive clients and partners. I am very pleased with the progress we have made and look forward to the year ahead.”

Monica Cramér Manhem, President, International Reinsurance, further commented: “Since we launched in February 2021, we have been focused on laying the groundwork for a profitable and sustainable reinsurance portfolio.”

“Our focus for 2022 is on stabilizing and growing our business by working closely with clients and brokers to develop opportunities in niche specialty lines where we have the expertise and talent to truly differentiate our offering. At the same time, we want to continue to develop our existing business and partnerships and leverage the relationships that we have built up over decades with clients and brokers across the globe. I am excited about what we can achieve together as we move forward.”

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