Bermuda
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The group’s combined ratio improved by 9.5 points to 95.9%.
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John Lupica steps into the role of president for North America commercial and personal insurance. -
Fitch retained its negative outlook on Sirius, noting the carrier’s “operating performance deterioration in recent years” and exposure to Covid-19 losses.
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
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The share price of majority China Minsheng-owned Sirius also surged 40%.
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The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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The specialty insurer’s underlying loss ratio dropped to 55.9% from 59.3% the year before.
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Reinsurance chairman will take on the CEO role until a successor is announced
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The settlement will be paid in the third quarter.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
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