SiriusPoint announces first partnership with advisory firm Hestia Capital
April 26 2021 - 7:00AM
SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an
international specialty insurer and reinsurer, has today announced
a partnership with Hestia Capital, the first since SiriusPoint
launched in February 2021 as a top 20 global (re)insurer with over
$3 billion in capital.
Hestia is a Texas-based advisory start-up established by
industry executives Jean Francois Bahier and Peter Norris. The
company will focus on sourcing and developing structured speciality
insurance and reinsurance transactions and insurance-related
investments in underserved or specialized markets.
SiriusPoint has made an investment in the company and can
provide (re)insurance paper and capacity for the new venture.
Dan Malloy, President, Global Distribution at
SiriusPoint said: “Our partnership with Hestia expands
SiriusPoint’s ability to access alternative markets. Hestia’s focus
on the creation of new products to answer clients’ risk
management and capital needs is a valuable service in the
current market. We look forward to working with them on a
pipeline of innovative projects, including the complementary
healthcare product we have recently launched together in
Poland.”
Bahier and Norris most recently headed up the Unique Risk
Underwriting (“URU”) division at AmTrust Financial Services,
building a highly profitable non-cat exposed diversified book of
structured insurance and reinsurance deals. Both worked at AmTrust
from 2009, Bahier, as president of the URU and Norris as a
London-based underwriter of the division. The pair joined AmTrust
from the Imagine Group.
Bahier said: “I am pleased to announce the establishment of
Hestia in Texas and delighted to have SiriusPoint as a partner. We
look forward to working with the entrepreneurial and innovative
SiriusPoint team helping them to create risk management solutions
for their clients.”
Norris added: “Our relationship with SiriusPoint solidifies our
participation in the (re)insurance market. We will shortly announce
a partnership on the alternative asset side of our business”
International law firm McDermott Will & Emery represented
SiriusPoint in this transaction.
Hestia has said it aims to open additional offices in Europe as
its operations grow.
About SiriusPointSiriusPoint Ltd. (SiriusPoint)
is a top 20 global insurer and reinsurer providing solutions to
clients and brokers in almost 150 countries. Bermuda-headquartered
with offices around the world, we are listed on the New York Stock
Exchange (SPNT). We write a global portfolio of Accident and
Health, Property, Liability and Specialty business, combining data
and creative thinking to underwrite risks with skill and
discipline. With over $3 billion total capital, SiriusPoint’s
operating companies have a financial strength rating of A-
(Excellent) from AM Best, S&P and Fitch. For more information,
please visit www.siriuspt.com About HestiaHestia
is a Texas, USA incorporated reinsurance broker and advisory group.
The company is focused on sourcing and developing structured
speciality insurance and reinsurance transactions, and on
insurance-related investments in underserved or specialized
markets. Peter Norris
- peternorris@hestiacapital.netJean Francois
Bahier – jfbahier@hestiacapital.net
SiriusPoint Contacts
Investor RelationsClare Kerrigan,
SiriusPointclare.kerrigan@siriuspt.com+44 7970 685959
MediaSarah Hills,
Rein4cesarah.hills@rein4ce.co.uk +44 7718882011
Forward-Looking Statements
We make statements in this report that are forward-looking
statements within the meaning of the federal securities laws,
including the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements about
SiriusPoint Ltd.’s (“SiriusPoint”) intentions in relation to the
new partnership with Hestia Capital. The forward-looking statements
are based on the current expectations of the management of
SiriusPoint and speak only as of the date of this document and are
subject to significant risks and uncertainties outside of our
control. You can identify forward-looking statements by the use of
forward-looking terminology such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “target,” “continue,” “could,” “may,” “might,” “will,”
“possible,” “potential,” “predict,” “should,” “would,” “seeks,”
“likely,” and other similar words and expressions, but the absence
of these words does not mean that a statement is not
forward-looking. Among the risks and uncertainties that could cause
actual results to differ from those described in the
forward-looking statements are the following: fluctuation in the
results of operations; pandemic or other catastrophic event, such
as the ongoing COVID-19 outbreak; the costs, expense and
difficulties of the integration of the operations of Third Point
Reinsurance Ltd. and Sirius International Insurance Group, Ltd.;
loss and loss adjustment expense reserves may be inadequate to
cover SiriusPoint’s ultimate liability for losses and as a result
its financial results could be adversely affected; SiriusPoint’s
investment portfolio may suffer reduced returns or losses; adverse
changes in interest rates, foreign currency exchange rates, equity
markets, debt markets or market volatility could result in
significant losses to SiriusPoint’s investment portfolio; legal
restrictions on certain of SiriusPoint’s insurance and reinsurance
subsidiaries’ ability to pay dividends and other distributions to
SiriusPoint; SiriusPoint has significant deferred tax assets, which
may become devalued if either SiriusPoint does not generate
sufficient future taxable income or applicable corporate tax rates
are reduced; lack of availability of capital; future strategic
transactions such as acquisitions, dispositions, mergers or joint
venture; technology breaches; SiriusPoint’s lack of control over
the TP Fund and the allocation and performance of TP Fund’s
investment portfolio; SiriusPoint’s dependence on Third Point LLC
to implement TP Fund’s investment strategy; and Arcadian Risk
Capital Ltd.’s ability to, and success at, writing the business
indicated, its expansion plans and the Company’s ability to place
quota share reinsurance on the portfolio. Discussions of additional
risks and uncertainties are contained in SiriusPoint’s filings with
the Securities and Exchange Commission (the “SEC”), including risks
identified in SiriusPoint’s (f/k/a Third Point Reinsurance Ltd.)
Annual Report on Form 10-K for the year ended December 31, 2020,
and other filings with the SEC. Should one or more of these risks
or uncertainties materialize, or should any of the assumptions made
by the management of SiriusPoint prove incorrect, actual results
may vary in material respects from those projected in these
forward-looking statements. Except as required by applicable law or
regulation, we disclaim any obligation to publicly update or revise
any forward-looking statement to reflect changes in underlying
assumptions or factors, or new information, data or methods, future
events or other circumstances after the date of this report.
Source: SiriusPoint Ltd.
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