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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Following the departure of Gretchen Hayes and the appointment of Masojada, SiriusPoint board will consist of nine directors, six of whom are independent.
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The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.
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The affirmation follows an SEC filing by activist investor and Third Point Re founder Dan Loeb last week, in which he disclosed intentions to take the company private.
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Inside P&C’s news team runs you through the key highlights of the week.
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The billionaire’s mooted take-private will hinder CEO Egan’s efforts to steady the ship.
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Shares, which have long underperformed, were trading up 13% following the regulatory announcement.
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The revision reflects SiriusPoint’s improved underwriting performance under a revamped management team.
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SiriusPoint said the deal would allow Arcadian to “significantly scale” its business.
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Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
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The deal is the latest incidence of bumper transaction size in the legacy space.
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The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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The company posted its first net investment gain in a year, driven by $45.5mn of gains in its bonds portfolio and $26.4mn from short-term investments.
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Maddi Morris will be responsible for overseeing the growth and refinement of the insurer’s marine and energy liability account.
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Former CEO Monica Cramér Manhem is to retire after 38 years with the business and its predecessor.
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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 transaction would have involved a partnership with Mosaic and a managing agent sale.
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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 impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.
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SiriusPoint International CEO Monica Cramér Manhem has decided to retire from the business.
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The executive will report directly to SiriusPoint CEO Scott Egan, who joined SiriusPoint from RSA in early September.
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Bobby Heerasing joined SiriusPoint in October 2021 as head of international strategic development before being promoted to UK country manager earlier this year.
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The carrier argued it paid the executive the first installment of a $400,000 retention award in March 2020 and the second half in March 2021.
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The Bermudian will also collaborate with Insurate in developing and underwriting products in the medium- to high-hazard workers’ compensation segment.
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The appointment comes after the sudden departure of previous chief Sid Sankaran in May.
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The executive reiterated SiriusPoint’s intentions to continue with strategic partnerships, pointing to the firm’s “robust pipeline of deal activity”.
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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 (re)insurer’s investment results were fueled by a net loss of $57.3mn from its investment in the TP Enhanced Fund.
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The two carriers have injected a further $100mn into the underwriting project.
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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 MGA writes management liability, professional indemnity, crime and cyber risk.
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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 Bermuda-based (re)insurer currently has an A- long-term financial strength rating and a BBB long-term issuer credit rating.
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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 leadership shake up comes less than three weeks after Sankaran’s departure and the appointment of Third Point head Dan Loeb to the carrier’s board.
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The announcement comes soon after SiriusPoint CEO Sid Sankaran departed and activist Daniel Loeb joined the board.
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Inside P&C’s news team takes you through the key developments from the week.
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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 Third Point hedge fund chief’s appointment to the board will provoke investor scrutiny of potential conflicts of interest.
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Inside P&C’s news team takes you through the key developments from the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company named former Third Point Re CEO and former global distribution president Daniel Malloy as interim CEO.
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The executive will be responsible for underwriting strategy for the London and international casualty book.
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Avinew, which launched in 2016, directly underwrites semi-autonomous and autonomous vehicle usage.
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The investment returns were driven by growth-oriented positions in the enterprise technology and financial services sectors at Third Point Enhanced Fund.
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The commercial insurance firm will use the funds to increase its sales capacity, enhance its technology platform and develop new offerings.
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In addition to Malloy’s departure, Mark Parkin notified the reinsurer of his intent to resign from the board of directors for personal reasons.
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The move will enable Players Health to make insurance and risk management more accessible to amateur sports organisations.
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CEO Sankaran and COO Gangu are looking to use the firm’s capital, platforms and licensing to create value beyond reinsurance.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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As part of the deal, all staff working for the MGA will join Mosaic, while SiriusPoint will become a strategic investor in the carrier.
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Jason Robart previously founded Seae Ventures, a venture capital firm.
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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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Inside P&C’s news team runs you through the key developments from the past week.
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The (re)insurer completed a $450mn redemption from hedge fund exposures, to be deployed in cash and fixed income, with an additional $100mn redemption in January 2022.
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The reinsurance unit's combined ratio plummeted to 91.2% from 129.4%, outweighing the increase in the insurance services combined ratio, which spiked to 98% from 55.5%.
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The deal makes SiriusPoint the lead underwriting capacity provider for Honeycomb.
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The business has attracted $110mn in its latest funding round and is valued at over $1.3bn.
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