Insurance

SiriusPoint Announces Strategic Partnership with Mosaic Insurance to Reinvigorate Lloyd’s Business – InsuranceNewsNet

HAMILTON, Bermuda, March 10, 2022 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global insurer and reinsurer, has entered into a strategic partnership with Mosaic Insurance (Mosaic). Sirius Point will invest in Mosaic to support growth, provide underwriting capacity for Mosaic’s syndicated capital program and provide access to global licensing and infrastructure through a fronting agreement. Sid SankaranCEO of Sirius Point will serve on Mosaic’s Board of Directors.

Subject to Lloyd’s and regulatory approvals, Sirius Point will sell his Lloyd’s management agency, Sirius International Management Agency (SIMA), at Mosaic. SIMA will continue to provide services to Syndicat 1945 through a third-party syndicate management agreement. Mosaic plans to modernize the management agency and provide best-in-class support for Syndicate 1945.

Syndicate 1945, which is not included in the sale, achieved a combined ratio of 92.8% for calendar year 2021 following a multi-year underwriting transformation. Sirius Point will continue to hold 100% of the Syndicate, which currently manages the Accident & Health, P&C, Energy and Space activities.

“Revitalizing our Lloyd’s business is a key part of our strategy,” said Sid SankaranPresident and Managing Director. Syndicate 1945 is an important part of our global platform which provides us and our strategic partners with access to licenses and ratings offered by Lloyd’s. Our partnership with Mosaic, which is a fantastic and entrepreneurial company, puts us on the path to accessing the right talent, growing our business and achieving profitable growth.

“Modernization is the key to success in the Lloyd’s market,” said Prashant Gangu, Deputy CEO and Chairman of Insurance & Services. “This agreement creates a unique opportunity for both companies. We are laying the foundation for future growth and profitability through this strategic partnership. »

“This transaction will complement the strategic ambitions of Mosaic and Sirius Point and benefits both of our businesses,” Mosaic’s co-CEO said. Mitch Blaser. “Mosaic believes in the power of partnership, and this agreement builds on an already strong relationship with SiriusPoint, as a participating carrier and lead partner in our syndicated capital program. We are delighted to integrate SIMA into our platform, and we are also happy to welcome Sirius Point as a strategic investor in Mosaic.

Sirius Point was assisted in the transaction by law firms Herbert Smith’s Freehills and, in terms of employment, Norton Rose Fulbright.

On Sirius Point
Sirius Point is a global insurer and reinsurer that provides solutions to its clients and brokers in nearly 150 countries. Bermuda– whose head office has offices in new York, London, stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We are licensed to underwrite property and casualty and accident and sickness insurance and reinsurance globally. Our offering and distribution capabilities are enhanced by a portfolio of strategic partnerships with managing general agents and technology-driven insurance services companies within our Insurance and Services division. With over $3 billion total capital, SiriusPoint’s operating companies have financial strength ratings of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.

contacts

Investor RelationsClaire Kerrigan, Sirius Point
[email protected]
+44 7970695959

Media
Sarah HillsTo strenghten
[email protected]
+44 7718882011

Forward-looking statements

We make statements in this report that are forward-looking statements within the meaning of US federal securities laws. We intend that these forward-looking statements be covered by the safe harbor provisions of the forward-looking statements of the United States federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements made on behalf of Sirius Point. These risks and uncertainties include the risks inherent in the contemplated transactions, including the possibility that our strategic transaction with Mosaic, which is subject to Lloyd’s and regulatory approvals, will not be completed; the strategic transaction may not produce the anticipated cost savings or at all; our proposed investment in Mosaic may not produce the expected benefits and, as this investment is illiquid, it may not be possible to dispose of our stake; and as Mosaic owns a Lloyd’s syndicate, it is possible that our losses from investing in Mosaic will exceed the capital we have invested. Sirius Point is also subject to risks and uncertainties associated with its business in the normal course of business, including the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in operating results; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the uncertainty of the success of an investment in early-stage businesses, such as the risk of losing an initial investment, widely varying returns on investments, delay in receiving return on investment, and difficulty in liquidating investment; the costs, expenses and difficulties of integrating the activities of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, property and casualty insurance and reinsurance rate trends, competition, investment market and investment income fluctuations, insured and paid loss trends, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for periods ended December 31, 2021. Except as required by applicable law or regulation, we undertake no obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.

SiriusPoint Announces Strategic Partnership with Mosaic Insurance to Reinvigorate Lloyd's Business

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Source: SiriusPoint Ltd.