SiriusPoint

The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.

The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.

The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.

In an interview, the former AIG executive said the SME market is “crying out” for a more efficient solution, creating “tremendous opportunity” for her start-up.

The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.

The former AIG CFO spoke to Inside P&C as part of its Unreserved podcast series.

SiriusPoint’s partnership with Outdoorsy subsidiary InsurTech Roamly will seek to help the company grow.

SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.

Darryl Siry joins with immediate effect and will launch an InsurTech incubator for the carrier.

He is based in the New York area and joins the carrier from RFIB.

The newly formed (re)insurer is to support the start-up led by AmTrust alumni.

The start-up is aiming for a July 1 launch, initially offering non-admitted property coverage in the Northeast and Midwest, before expanding into other lines.