European risk and insurance managers will welcome news of the formal launch of SiriusPoint, a new Bermuda-based international specialty insurance and reinsurance company.
Investors clearly like the look of the international P&C insurance and reinsurance markets currently, as the new carrier launches with more than $3bn in initial capital.
SiriusPoint is the result of the previously announced merger between Third Point Re, a specialty reinsurer, and Sirius International Insurance Group, a global multi-line insurer and reinsurer. The new group has licences to operate in the UK, Belgium, Sweden and Switzerland in Europe; as well as Bermuda, the US, Canada and Singapore.
The $788m merger of the two carriers was first announced last August. Sweden is one of the group’s European locations because it is the former base of Sirius.
Former AIG chief financial officer Sid Sankaran is chief executive officer and chairman of SiriusPoint. The highly experienced leadership team will bring badly needed capacity and expertise for risk managers across Europe, many of who are struggling to cope with the harsh market.
Mr Sankaran said: “I am delighted to announce the launch of SiriusPoint. This is a strategic union of two highly complementary organisations. SiriusPoint is an opportunity to leverage our combined strengths and re-focus our organisation on profitability, innovative partnerships and solutions. Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating.”
Mr Sankaran said he wants SiriusPoint to be a disruptive force in the sector and deliver badly needed innovation for customers.
“We aspire to be a disruptive force in the industry and drive technology innovation – with skilled underwriting at the core of everything we do. We have set a goal to challenge the status quo and define new ways of conducting business with diversity of thought and expertise. I am very excited about our future. We are building a company and a culture we can be proud of,” he said.
SiriusPoint’s global platform will provide insurance and reinsurance solutions services to clients and brokers in almost 150 countries, with access to admitted and non-admitted paper in Europe, the US, Bermuda and at Lloyd’s.
A new division – insurance and services – has been formed to seek out strategic investment and partnership opportunities.
SiriusPoint’s insurance lines include: environmental, property, energy, workers compensation, and aviation and space. The company’s reinsurance lines include: life, accident and health, property, marine and energy, casualty, aviation and space, and credit and bond. SiriusPoint also offers runoff solutions.
SiriusPoint’s operating companies have a financial strength rating of A- (excellent) from AM Best, S&P and Fitch.