Reinsurance News

Sirius Group

Increased scale will unlock market opportunities, says SiriusPoint

21st January 2021

SiriusPoint, the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, has said that increased scale will allow it to capitalize on more market opportunities. In a recent presentation, SiriusPoint explained that the enhanced scale and underwriting capabilities provided by its merger will make it ... Read the full article

Sirius Group expands new E&S platform

9th December 2020

Sirius International Insurance Group’s new US-based Excess & Surplus Lines (E&S) platform is set to begin underwriting business produced by its environmental division. Sirius Specialty Insurance Company (SSIC) was granted authority to establish as a New Hampshire-based domestic surplus lines insurer earlier this year, with authority for various lines of business, ... Read the full article

Third Point Re shareholders approve Sirius merger

25th November 2020

Hedge fund backed reinsurer Third Point Re and multi-line re/insurer Sirius Group have gained key approvals from shareholders that will enable them to proceed with their planned merger agreement. At a Third Point Re special general meeting, the shareholders approved the issuance of Third Point Re common shares to Sirius Group ... Read the full article

Sirius reports $67mn Q3 loss, 115% CR

6th November 2020

Bermuda-domiciled re/insurer Sirius International has reported a $67 million loss for the third quarter of 2020, compared to $50 million loss in the prior year period last year. $39 million of losses was related to COVID-19, net of reinsurance and additional premiums due. Catastrophe losses were $53 million in the quarter and ... Read the full article

Sirius restructures Global Business Technology management

1st October 2020

Sirius International Insurance Group, Ltd. has restructured the management of its Global Business Technology (GBT) team in the final phase of a transformation that began in late 2019. The first phase began with the appointment of Beth Boucher as Global Chief Information Officer (CIO), who was hired to provide strategic IT ... Read the full article

AIG’s David Junius appointed COO of Third Point Re

30th September 2020

Bermudian reinsurer Third Point Re has announced the appointment of David Junius as Chief Operating Officer. Junius will transition to Chief Financial Officer once Third Point Re completes its merger with international multi-line re/insurer Sirius Group, becoming SiriusPoint. He brings over 23 years of experience, having most recently served as CFO for ... Read the full article

Third Point Re reaches agreement with Sirius shareholders

11th September 2020

Shareholders of Sirius International Insurance Group have agreed to remain as investors in the company following the completion of its merger with Bermuda-based reinsurer Third Point Reinsurance. First announced last month, the merger will see Sirius and Third Point Re combine into an entity called SiriusPoint Ltd, in a transaction ... Read the full article

For SiriusPoint, underwriting is paramount: Sankaran & Malloy

14th August 2020

SiriusPoint, the new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, is determined to focus on the bottom line to ensure underwriting excellence. This is according to incoming Chief Executive Officer (CEO) of SiriusPoint, Sid Sankaran and Dan Malloy, current Third Point Re CEO who ... Read the full article

Sirius posts Q2 net loss but underwriting profitability returns

7th August 2020

Sirius International Insurance Group, Ltd. has fallen to a net loss of $14 million for the second-quarter of 2020, while underwriting profitability returned as the firm recorded a combined ratio of 96% for the period. The firm's Q2 2020 net loss compares to net income of $102 million in the same ... Read the full article

Third Point Re & Sirius Group to combine in $788mn transaction

7th August 2020

Bermuda-based reinsurer, Third Point Reinsurance Ltd, has entered into a definitive agreement to combine in a cash and stock transaction with international multi-line re/insurer, Sirius Group. The deal is valued at around $788 million and will see the establishment of a global company with $3.3 billion of tangible capital, to be ... Read the full article

Sirius reports $140mn of COVID-19 losses at Q1

14th May 2020

Sirius International Group has reported a comprehensive loss of $185 million for the first quarter of 2020, including $140 million of losses from the COVID-19 pandemic, most of which stemmed from the company’s reinsurance business. The result compared with comprehensive income of $76 million for the first quarter of 2019. COVID-19 losses ... Read the full article

Sirius Group announces launch of formal sales process

27th March 2020

Bermuda domiciled global multi-line insurer and reinsurer, Sirius International Insurance Group, has announced the expansion of its strategic review and the launch of a formal process to sell the company. Previously, the firm's Board of Directors engaged Barclays to assist in the review of the terms of a capital raise arrangement ... Read the full article

Typhoons & riots push Sirius to heavy Q4 loss

6th March 2020

Sirius International Insurance Group has reported a net loss of $150.3 million for the fourth quarter of 2019 and a net loss of $45.6 million for the full year, caused by Typhoon Hagibis and the Chilean riots in Q4, as well as Typhoon Faxai and Hurricane Dorian earlier in the ... Read the full article

Sirius adds underwriting team amid Asia expansion

24th December 2019

Global multi-line re/insurer Sirius Group is set to onboard a team of key underwriters as it looks to expand its facultative product offerings in Asia. The new appointments will include Jess Au and Steve Ng who will head the property and engineering divisions respectively. Au brings 22 years of underwriting experience in ... Read the full article

Fitch revises Sirius’ ratings outlook to negative, cites underwriting challenges

16th December 2019

Fitch Ratings has revised the rating outlook of Sirius International Group, Ltd. to Negative from Stable, which the ratings agency says reflects operating performance deterioration in recent years. At the same time, Fitch has affirmed Sirius International Group, Ltd.'s government, including its 'BBB' Long-Term Issuer Default Rating (IDR), 'BBB-' senior debt ... Read the full article

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