SiriusPoint

Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.

An affiliate of the Chinese investment group has a 33% shareholding in the carrier.

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.

The executive will work to grow the company’s MGA proposition and expand in key international markets.

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.

The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.

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.

Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.

The carrier is looking to expand its marine offering through its London and Lloyd’s branch.

Digital transformation top of boardroom agenda, according to Cytora CEO Richard Hartley.

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.

The CEO also addressed the carrier’s MGA strategy and the impact of the abandoned take-private attempt.