SiriusPoint
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As part of the deal, all staff working for the managing agent will join Mosaic, while SiriusPoint will become a strategic investor in the carrier. -
Jason Robart previously founded Seae Ventures, a venture capital firm.
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The reinsurance unit's combined ratio plummeted to 91.2% from 129.4%, outweighing the increase in the insurance services combined ratio, which spiked to 98% from 55.5%.
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The deal makes SiriusPoint the lead underwriting capacity provider for Honeycomb.
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The business has attracted $110mn in its latest funding round and is valued at over $1.3bn.
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The hire follows the addition of former Berkshire Hathaway executive Michael Densham to expand the MGA’s Canadian operations.
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As head of Americas P&C, Patrick Charles will expand strategic partnerships and oversee the launch of products and services.
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The upward revision reflected significantly increased industry expectations, it said.
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The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.
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The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.
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The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.
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The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.
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