Sirius International Insurance Group Ltd. is now a public company.
The global multiline insurance and reinsurance group accomplished this by closing its previously announced merger with special purpose private asset management company Easterly Acquisition Corp.
As a result, a wholly owned subsidiary of Sirius Group has merged into Easterly, Easterly has become a wholly owned subsidiary of Sirius Group, and shares have been exchanged. Sirius Group’s common shares will now be traded on the Nasdaq under the symbol “SG” beginning today. Sirius Group said it has applied to list its public warrants on the OTCQX International market.
In connection with the merger, affiliated funds of Gallatin Point Capital, The Carlyle Group, Centerbridge Partners and Bain Capital Credit purchased $205 million of Series B preference shares and $8 million of common shares of Sirius Group at the merger price. In addition, employees and friends and family of Sirius Group purchased $16 million of Sirius Group common shares.
Sirius Group also announced that it reconstituted its board of directors, which includes a majority of independent directors. They will serve alongside Allan L. Waters, chairman and CEO of Sirius Group, and Feng (Laurence) Liao, CEO of CMIG International Holding Pte. Ltd., Sirius Group’s principal equity holder following the merger.
“This is a watershed day for Sirius Group,” said Waters. “A public listing, increased shareholder diversification led by four globally recognized investment firms and a strong, independent board will benefit all stakeholders and add fuel to our future growth.
Bermuda-based Sirius Group is a holding company with insurance and reinsurance operating companies in Bermuda, Stockholm, New York and London. Established in 1945, Sirius Group provides insurance and reinsurance in more than 140 countries. Sirius Group wrote gross written premiums of $1.4 billion in 2017.
*A version of this story ran previously in our sister publication Insurance Journal.