SiriusPoint, the international specialty re/insurer recently formed via the merger of Sirius Group and Third Point Re, has announced a new partnership with advisory start-up Hestia Capital.
The partnership with the Texas-based advisory firm represents the first that SiriusPoint has entered into since its inception in February 2021.
Established by industry executives Jean Francois Bahier and Peter Norris, Hestia Capital will focus on sourcing and developing structured speciality insurance and reinsurance transactions and insurance-related investments in underserved or specialized markets.
SiriusPoint has made an investment in the company and is expected to provide re/insurance paper and capacity for the new venture.
“Our partnership with Hestia expands SiriusPoint’s ability to access alternative markets,” noted Dan Malloy, President, Global Distribution at SiriusPoint.“Hestia’s focus on the creation of new products to answer clients’ risk management and capital needs is a valuable service in the current market.
“We look forward to working with them on a pipeline of innovative projects, including the complementary healthcare product we have recently launched together in Poland,” Malloy added.
Bahier and Norris most recently headed up the Unique Risk Underwriting (URU) division at AmTrust Financial Services, building a non-cat exposed diversified book of structured insurance and reinsurance deals.
Both worked at AmTrust from 2009, with Bahier serving as president of the URU and Norris as a London-based underwriter of the division. The pair joined AmTrust from the Imagine Group.
“I am pleased to announce the establishment of Hestia in Texas and delighted to have SiriusPoint as a partner,” said Bahier. “We look forward to working with the entrepreneurial and innovative SiriusPoint team helping them to create risk management solutions for their clients.”
Norris also commented: “Our relationship with SiriusPoint solidifies our participation in the (re)insurance market. We will shortly announce a partnership on the alternative asset side of our business”
International law firm McDermott Will & Emery represented SiriusPoint in this transaction.