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). SiriusPoint will invest in Mosaic to support growth, provide underwriting capacity to Mosaic’s syndicated capital program and provide access to global licenses and infrastructure through a fronting arrangement. Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint will take a seat on Mosaic’s Board.
Subject to Lloyd’s and regulatory approvals, SiriusPoint will sell its Lloyd’s Managing Agency, Sirius International Managing Agency (SIMA), to Mosaic. SIMA will continue to provide services to Syndicate 1945 via a Third-Party Syndicate Management Agreement. Mosaic plans to modernize the Managing Agency and provide best in class support to Syndicate 1945.
Syndicate 1945, which is not included in the sale, has achieved a combined ratio of 92.8% for the 2021 calendar year following a multi-year underwriting transformation. SiriusPoint will continue to have 100% ownership of the Syndicate, which currently writes Accident & Health, Casualty, Energy and Space business.
“Reinvigorating our Lloyd’s business is a key element of our strategy,” said Sid Sankaran, Chairman and Chief Executive Officer. “Syndicate 1945 is an important part of our global platform providing us and our strategic partners with access to the licenses and ratings that Lloyd’s offers. Partnering with Mosaic, which is a fantastic, entrepreneurial company, sets us on a path to access the right talent, scale our business and achieve profitable growth.”
“Modernization is key to success in the Lloyd’s marketplace,” said Prashanth Gangu, Chief Operating Officer and President of Insurance & Services. “This deal creates a unique opportunity for both companies. We are laying the groundwork for future growth and profitability through this strategic partnership.”
“This transaction will complement the strategic ambitions of both Mosaic and SiriusPoint and benefits both our companies,” said Mosaic Co-CEO 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 a fronting partner in our syndicated capital program. We’re delighted to incorporate SIMA into our platform, and we’re also pleased to welcome SiriusPoint as a strategic investor in Mosaic.”
SiriusPoint was assisted in the transaction by law firms Herbert Smith Freehills and, in respect of employment matters, Norton Rose Fulbright.
About SiriusPoint
SiriusPoint is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and technology driven insurance services companies within our Insurance & Services division. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
Contacts
Investor Relations
Clare Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com
+44 7970695959
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
Forward-Looking Statements
We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include risks inherent in the contemplated transactions, including the possibility that our strategic transaction with Mosaic, which is subject to Lloyd’s and regulatory approvals, fails to close; the strategic transaction may not produce the cost savings when expected or at all; our proposed investment in Mosaic may not yield the expected benefits and as this investment is illiquid, it may not be possible to divest our stake; and as Mosaic owns a Lloyd’s Syndicate, it is possible that our losses from the investment in Mosaic exceeds the capital invested by us. SiriusPoint is also subject to risks and uncertainties in connection with its ordinary course business, including the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, regulatory and legal uncertainties and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the periods ended December 31, 2021. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement 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.
