-
The PE firm’s holding in the Bermudian carrier is worth roughly $259mn.
-
The executive joins after 15 years at the Fairfax-owned carrier.
-
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms. -
The group’s combined ratio improved by 9.5 points to 95.9%.
-
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.
-
The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
-
The share price of majority China Minsheng-owned Sirius also surged 40%.
-
The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
-
“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
-
The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
-
The specialty insurer’s underlying loss ratio dropped to 55.9% from 59.3% the year before.
