SiriusPoint
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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Larson and Godlis will be based in New York and Mohamed will be based in London.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
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The carrier will prioritise underwriting profits over growth in 2024.
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Consolidated underwriting income shrank 36.6% YoY to $36.7mn.
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The agreement will cover onshore windfarms, primarily in Sweden.
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The carrier is expanding its marine footprint in 2024 through its Lloyd’s and London branch.
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The carrier is rebuilding its energy underwriting team after a number of staff departures.
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Putting together two “show me” stories risks investor skepticism.
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Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The executive will work to grow the company’s MGA proposition and expand in key international markets.
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The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.
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The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.
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Q3 cat losses were down to $12mn, from $114.6mn in Q3 2022, while favourable prior-year reserves also increased by fivefold to $24.7mn.
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Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.
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The carrier is looking to expand its marine offering through its London and Lloyd’s branch.
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Digital transformation top of boardroom agenda, according to Cytora CEO Richard Hartley.
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The incoming deputy CUO spent 10 years at AIG, holding roles such as global head of portfolio analytics and chief risk officer for financial and liability lines.
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The CEO also addressed the carrier’s MGA strategy and the impact of the abandoned take-private attempt.
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The LPT SiriusPoint struck with Compre was reduced to $905.6mn from $1.3bn as a result of paid losses and favourable prior-year reserve development.
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Kattan’s role will include establishing the strategy and structure of SiriusPoint’s global ceded reinsurance function, managing the ceded team based in Stockholm and overseeing all reinsurance placements.
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