HAMILTON, Bermuda, April 26, 2021 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has today announced a partnership with Hestia Capital, the first since SiriusPoint launched in February 2021 as a top 20 global (re)insurer with over $3 billion in capital.
Hestia is a Texas-based advisory start-up established by industry executives Jean Francois Bahier and Peter Norris. The company 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 can provide (re)insurance paper and capacity for the new venture.
Dan Malloy, President, Global Distribution at SiriusPoint said: “Our partnership with Hestia expands SiriusPoint’s ability to access alternative markets. 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.”
Bahier and Norris most recently headed up the Unique Risk Underwriting (“URU”) division at AmTrust Financial Services, building a highly profitable non-cat exposed diversified book of structured insurance and reinsurance deals. Both worked at AmTrust from 2009, Bahier, as president of the URU and Norris as a London-based underwriter of the division. The pair joined AmTrust from the Imagine Group.
Bahier said: “I am pleased to announce the establishment of Hestia in Texas and delighted to have SiriusPoint as a partner. We look forward to working with the entrepreneurial and innovative SiriusPoint team helping them to create risk management solutions for their clients.”
Norris added: “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.
Hestia has said it aims to open additional offices in Europe as its operations grow.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a top 20 global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Property, Liability and Specialty business, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com
About Hestia
Hestia is a Texas, USA incorporated reinsurance broker and advisory group. The company is focused on sourcing and developing structured speciality insurance and reinsurance transactions, and on insurance-related investments in underserved or specialized markets.
Peter Norris – peternorris@hestiacapital.net
Jean Francois Bahier – jfbahier@hestiacapital.net
SiriusPoint Contacts
Investor Relations
Clare Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com
+44 7970 685959
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about SiriusPoint Ltd.’s (“SiriusPoint”) intentions in relation to the new partnership with Hestia Capital. The forward-looking statements are based on the current expectations of the management of SiriusPoint and speak only as of the date of this document and are subject to significant risks and uncertainties outside of our control. You can identify forward-looking statements by the use of forward-looking terminology such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “target,” “continue,” “could,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “should,” “would,” “seeks,” “likely,” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; loss and loss adjustment expense reserves may be inadequate to cover SiriusPoint’s ultimate liability for losses and as a result its financial results could be adversely affected; SiriusPoint’s investment portfolio may suffer reduced returns or losses; adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility could result in significant losses to SiriusPoint’s investment portfolio; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; SiriusPoint has significant deferred tax assets, which may become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced; lack of availability of capital; future strategic transactions such as acquisitions, dispositions, mergers or joint venture; technology breaches; SiriusPoint’s lack of control over the TP Fund and the allocation and performance of TP Fund’s investment portfolio; SiriusPoint’s dependence on Third Point LLC to implement TP Fund’s investment strategy; and Arcadian Risk Capital Ltd.’s ability to, and success at, writing the business indicated, its expansion plans and the Company’s ability to place quota share reinsurance on the portfolio. Discussions of additional risks and uncertainties are contained in SiriusPoint’s filings with the Securities and Exchange Commission (the “SEC”), including risks identified in SiriusPoint’s (f/k/a Third Point Reinsurance Ltd.) Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by the management of SiriusPoint prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.
Source: SiriusPoint Ltd.