SiriusPoint Ltd. has launched as a new international specialty insurance and reinsurance company today, starting with over $3 billion of capital.
SiriusPoint has been formed through the merger of Third Point Re and Sirius Group, expanding the remit of both firms and significantly increasing their footprints through the combination.
“I am delighted to announce the launch of SiriusPoint,” explained Sid Sankaran, Chief Executive Officer and Chairman of SiriusPoint. “This is a strategic union of two highly complementary organizations. SiriusPoint is an opportunity to leverage our combined strengths and re-focus our organization on profitability, innovative partnerships, and solutions. Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating.
“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.”
SiriusPoint’s global platform will offer insurance and reinsurance solutions and services to clients and brokers in almost 150 countries around the world.
The company has access to admitted and non-admitted paper in markets such as Europe, the U.S., Bermuda, and Lloyd’s of London.
In addition, SiriusPoint has launched a new division, Insurance and Services, which will be tasked with seeking out strategic investment and partnership opportunities.
The company will underwrite insurance lines including: Environmental, Property, Energy, Workers’ Compensation, and Aviation and Space.
On the reinsurance side it will underwrite lines including: Life, Accident and Health, Property, Marine and Energy, Casualty, Aviation and Space, and Credit and Bond, as well as offering Runoff solutions.
SiriusPoint also announced two new members of its board of directors today, Franklin (Tad) Montross, the former Chairman and Chief Executive Officer of General Reinsurance, a Berkshire Hathaway owned company, and Sharon M. Ludlow, a former CEO of the Canadian operations of Swiss Re and President of Aviva Insurance Company of Canada.
The company also confirmed that Rachelle Keller, formerly a director of Sirius Group, and Peter W. H. Tan from CM Bermuda Limited, are also joining SiriusPoint’s board of directors. The remaining members of the board will transition from equivalent positions at Third Point Re.