SiriusPoint

While attritional losses were up for the quarter, those in the carrier’s core business declined.

Plus, the latest people moves and all the top news of the week.

The company reported no cat losses but saw a jump in attritional losses.

The MGA is also looking to build out its US mid-market professional liability expertise.

The carrier has renewed and extended its capacity arrangement with the MGA.

The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.

The company will continue its capacity partnership with the MGA until 2030.

Property MGA Arden Insurance Services specialises in multi-family habitations.

The company has also expanded its relationships with US and UK MGAs.

The carrier also benefitted from favourable reserve development in property and A&H.

SiriusPoint will provide 100% capacity for Pen’s international PI portfolio.

Andrew Pryde succeeds Andreas Kull, who will stay on until September.

Philip Enan joins following 11 years at Chubb.

The business is looking to grow its marine offering across its global platform.

Space pricing experienced double-digit increases after the 2023 capacity retreat.

Meanwhile, gross written premiums grew 8.6% year on year to $985mn.

The executive will provide strategic leadership to underwriting and portfolio management teams.

The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.

Anthony Grew joins SiriusPoint after four years with Allied World.

The ratings agency noted “significant” underwriting improvement in 2023-24.

SiriusPoint’s property book grew 25% in full year 2024.

The firm’s core CoR improved 3.2 points to 90.2%.

The reinsurer is buying out China Minsheng affiliate at year-end.

Under his leadership SiriusPoint has established partnerships with several marine MGAs.

The firm is still operating within its catastrophe budget for the year, CEO Scott Egan said.

The carrier booked $30.6mn of favourable development in the quarter.

Q2 2023 PYD had included reserve releases in connection with the LPT to Compre.

The carrier is expanding its MGA partnerships and has invested in its marine team.

The executive will replace Habib Kattan, who joined the company last summer.

The Irish MGA will be able to underwrite commercial property risk up to EUR10mn.

A roundup of all the news you need today, including Lloyd’s chairman candidates.

A round-up of all the news you need today, including the departure of the heads of FL and PI at Westfield.

Tara Hill launched last month and is headed by Core Specialty’s Peter McKeegan.

She has also been a director of Enstar Group since October 2020.

Steve Yendall is stepping down after 18 months as SiriusPoint CFO.

This publication revealed that the firm is working with Jefferies on the sale of its A&H MGA Armada.

The legacy deal comes one year after a $1.3bn LPT with Compre covering several lines.

Sources said the Bermuda carrier has been working with Jefferies on the sale.

Larson and Godlis will be based in New York and Mohamed will be based in London.

Instead, the firm’s core segments reported $13.5mn in full-year cat losses.

The carrier will prioritise underwriting profits over growth in 2024.

Consolidated underwriting income shrank 36.6% YoY to $36.7mn.

The agreement will cover onshore windfarms, primarily in Sweden.

The carrier is expanding its marine footprint in 2024 through its Lloyd’s and London branch.

The carrier is rebuilding its energy underwriting team after a number of staff departures.

Putting together two “show me” stories risks investor skepticism.

Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.

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.

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.

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.

Rees joins from Chord Re, where he was head of casualty for nearly two years.

The company announced on Wednesday that Liddell’s deputy Thomas Leonardo would succeed him as global head of A&H, with immediate effect.

The underwriter replaces Stuart Liddell, who is leaving the business.

The aviation programme manager will exclusively use SiriusPoint’s paper across the US.

The former reinsurance CEO will join Sompo International’s board of directors.

Bronek Masojada served as CEO of Hiscox until January 2022 and was appointed to SiriusPoint’s board in May.

Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.

Howden Tiger is advising the Bermudian as it seeks to realize value from its portfolio and simplify its story for investors.

Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.

Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show.

Following the departure of Gretchen Hayes and the appointment of Masojada, SiriusPoint board will consist of nine directors, six of whom are independent.

The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.

The affirmation follows an SEC filing by activist investor and Third Point Re founder Dan Loeb last week, in which he disclosed intentions to take the company private.

Shares, which have long underperformed, were trading up 13% following the regulatory announcement.

The revision reflects SiriusPoint’s improved underwriting performance under a revamped management team.

SiriusPoint said the deal would allow Arcadian to “significantly scale” its business.

Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.

The deal is the latest incidence of bumper transaction size in the legacy space.

The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.

Maddi Morris will be responsible for overseeing the growth and refinement of the insurer’s marine and energy liability account.

Former CEO Monica Cramér Manhem is to retire after 38 years with the business and its predecessor.

The transaction would have involved a partnership with Mosaic and a managing agent sale.

The impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.

SiriusPoint International CEO Monica Cramér Manhem has decided to retire from the business.

The executive will report directly to SiriusPoint CEO Scott Egan, who joined SiriusPoint from RSA in early September.

Bobby Heerasing joined SiriusPoint in October 2021 as head of international strategic development before being promoted to UK country manager earlier this year.

The carrier argued it paid the executive the first installment of a $400,000 retention award in March 2020 and the second half in March 2021.

The Bermudian will also collaborate with Insurate in developing and underwriting products in the medium- to high-hazard workers’ compensation segment.

The appointment comes after the sudden departure of previous chief Sid Sankaran in May.

Phil Wooldridge will be based in London and report to head of London and international casualty Nick Pascall.

The executive reiterated SiriusPoint’s intentions to continue with strategic partnerships, pointing to the firm’s “robust pipeline of deal activity”.

The (re)insurer’s investment results were fueled by a net loss of $57.3mn from its investment in the TP Enhanced Fund.

The two carriers have injected a further $100mn into the underwriting project.

The executive was also CUO of SiriusPoint’s London division.

The MGA writes management liability, professional indemnity, crime and cyber risk.

The Bermuda-based (re)insurer currently has an A- long-term financial strength rating and a BBB long-term issuer credit rating.

Bobby Heerasing was most recently head of international strategic business development at the company.

SiriusPoint has announced a strategic partnership with home rental insurance MGA Garentii, providing paper, balance sheet and risk advisory services to the InsurTech.

The leadership shake up comes less than three weeks after Sankaran’s departure and the appointment of Third Point head Dan Loeb to the carrier’s board.

The company named former Third Point Re CEO and former global distribution president Daniel Malloy as interim CEO.

The executive will be responsible for underwriting strategy for the London and international casualty book.

Avinew, which launched in 2016, directly underwrites semi-autonomous and autonomous vehicle usage.

The investment returns were driven by growth-oriented positions in the enterprise technology and financial services sectors at Third Point Enhanced Fund.

In addition to Malloy’s departure, Mark Parkin notified the reinsurer of his intent to resign from the board of directors for personal reasons.

The move will enable Players Health to make insurance and risk management more accessible to amateur sports organisations.

The firm will leverage its partnership with DXC to build a fully digitalised managing agent, the co-CEO said.

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.