SiriusPoint Ltd., a Bermuda-based international specialty insurance and reinsurance company, has formally launched, the creation of a merger between two specialty companies.

Specialty reinsurer Third Point Reinsurance Ltd. and Sirius International Insurance Group Ltd., a multi-line insurer and reinsurer, first announced their merger plans in August 2020. Their combined company is backed by more than $3 billion in initial capital.

“This is a strategic union of two highly complementary organizations. SiriusPoint is an opportunity to leverage our combined strengths and re-focus our organization on profitability, innovative partnerships and solutions,” Sid Sankaran, chief executive officer and chairman of SiriusPoint, said in prepared remarks.

SiriusPoint is built around a global platform that provides insurance and reinsurance products and services to clients and brokers in almost 150 countries with access to admitted and non-admitted paper in Europe, the U.S., Bermuda, and Lloyd’s of London. A new division, Insurance and Services, has been formed to seek out strategic investment and partnership opportunities.

SiriusPoint’s insurance lines include environmental, property, energy, workers compensation, and aviation and space. The company’s reinsurance lines include life, accident and health, property, marine and energy, casualty, aviation and space, and credit and bond. SiriusPoint also offers runoff solutions.

SiriusPoint also announced the appointment of two new members to its board of directors:

  • Franklin (Tad) Montross is the former chairman and chief executive officer of General Reinsurance, a Berkshire Hathaway owned company, and held responsibility until 2016 for global underwriting policies, practices and protocols, as well as its actuarial and risk management areas.
  • Sharon M. Ludlow is a veteran C-suite executive and corporate director, with more than 25 years experience in the life and health, and property and casualty reinsurance and insurance industries. During the course of her career, Ludlow served as president and CEO of the Canadian operations of Swiss Re and as President of Aviva Insurance Company of Canada.

As previously announced, Rachelle Keller, a director of Sirius Group, and Peter W. H. Tan from CM Bermuda Ltd., are also joining SiriusPoint’s board of directors. The remaining members of the board will transition from their equivalent roles at Third Point Re.

Source: SiriusPoint Ltd.

*A version of this story ran previously in our sister publication Insurance Journal.

Topics Mergers & Acquisitions Reinsurance