SiriusPoint

Putting together two “show me” stories risks investor skepticism.

It remains unclear whether there could be reputational damage after key shareholder CM Bermuda’s parent, CMIG International Holding, was taken into receivership.

Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.

An affiliate of the Chinese investment group has a 33% shareholding in the carrier.

InsurTech Nirvana plans to expand its offerings with a program designed for fleets with fewer than 10 units.

Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.

The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.

In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.

The move follows an earlier announcement in May, when SiriusPoint disclosed that its equity stake in the Bermuda-based MGA was reduced to 49% from 100%.

The incoming deputy CUO spent 10 years at AIG, holding roles such as global head of portfolio analytics and chief risk officer for financial and liability lines.