SiriusPoint
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier is expanding its MGA partnerships and has invested in its marine team.
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The executive will replace Habib Kattan, who joined the company last summer.
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A quick roundup of today’s need-to-know news, including the CrowdStrike outage and a hire at SiriusPoint.
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The Irish MGA will be able to underwrite commercial property risk up to EUR10mn.
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SiriusPoint becomes sole carrier partner for Euclid’s liability program.
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Tara Hill launched last month and is headed by Core Specialty’s Peter McKeegan.
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She has also been a director of Enstar Group since October 2020.
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Steve Yendall is stepping down after 18 months as SiriusPoint CFO.
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The executive has worked as a casualty treaty underwriter at QBE Re and Scor.
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This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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Larson and Godlis will be based in New York and Mohamed will be based in London.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
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The carrier will prioritise underwriting profits over growth in 2024.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Putting together two “show me” stories risks investor skepticism.
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It remains unclear whether there could be reputational damage after key shareholder CM Bermuda’s parent, CMIG International Holding, was taken into receivership.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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InsurTech Nirvana plans to expand its offerings with a program designed for fleets with fewer than 10 units.
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Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business.
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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.
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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.
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The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.
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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.
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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%.
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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.
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The activist investor agreed not to acquire more than 9.5% of the outstanding shares of the company or an amount of ownership requiring regulatory approval.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Kattan’s role will include establishing the strategy and structure of SiriusPoint’s global ceded reinsurance function, managing the ceded team based in Stockholm and overseeing all reinsurance placements.
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Rees joins from Chord Re, where he was head of casualty for nearly two years.
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The underwriter replaces Stuart Liddell, who is leaving the business.
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The aviation programme manager will exclusively use SiriusPoint’s paper across the US.
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Bronek Masojada served as CEO of Hiscox until January 2022 and was appointed to SiriusPoint’s board in May.
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company has been weakened somewhat, and the base case now is a return to grinding out new CEO Scott Egan’s refined strategy.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Howden Tiger is advising the Bermudian as it seeks to realize value from its portfolio and simplify its story for investors.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.
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Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show.
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While SiriusPoint CEO Scott Egan said the committee of independent directors will examine any acquisition proposals, he added that there’s “no assurance” any deal will be executed.
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