HAMILTON, Bermuda, Feb. 28, 2022 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT) launched one year ago as a top tier global insurer and reinsurer listed on the New York Stock Exchange (NYSE).
Headquartered in Bermuda, SiriusPoint launched on February 26, 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 has offices in New York, London, Stockholm, Singapore and throughout Europe, and serves clients in almost 150 countries.
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 Sid Sankaran, Chairman and Chief Executive Officer. “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. 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 differentiating Insurance & Services segment grows SiriusPoint’s insurance business by incubating and partnering with innovative MGAs and insurance services companies, attracting and supporting entrepreneurial talent. The division is 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,” said 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. 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.”
“Since we launched in February 2021, we have been focused on laying the groundwork for a profitable and sustainable reinsurance portfolio,” said Monica Cramér Manhem, President, International Reinsurance. “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.”
During its first year of operations, SiriusPoint:
- Launched and began trading on the New York Stock Exchange on February 26, 2021 under the NYSE ticker symbol SPNT
- Established an Insurance & Services division and developed a brand as the go-to partner for Insurtech entrepreneurs – providing start-ups with a range of services that can include advice, equity, debt capital, risk capital, a balance sheet, and legal and regulatory support
- Incubated Arcadian and Banyan which underwrite excess casualty, E&O, D&O and employment practices liability insurance products generally for large clients, and Joyn, a tech-enabled mid-market underwriter
- Established strategic partnerships with over 20 innovative and disruptive MGAs and insurance services companies, bringing the Company’s total to over 30, including Pie, Corvus, Vouch, Outdoorsy, Parameter Climate, LuckyTruck and PolicyMe
- Donated over $270,000 to charities supporting educational, mental health and environmental causes in the communities where SiriusPoint operates, including Bermuda, New York and Stockholm.
- Launched an ongoing Environmental, Social and Corporate (ESG) program, becoming members of ClimateWise and signatories of the Business Coalition for the Equality Act, and CEO Action for Diversity & Inclusion
- Recruited significant and diverse new hires in key growth areas and functional support, with unique skills and expertise to build on outstanding existing talent
- Moved to a flagship office at 1 World Trade Center
SiriusPoint is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology-driven insurance services companies within our Insurance & Services division. 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.
Source: SiriusPoint Ltd.
Clare Kerrigan, SiriusPoint
Sarah Hills, Rein4ce
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws, including with respect to SiriusPoint’s long term value and growth, and its intention to develop opportunities in niche specialty lines. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021. 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.