HAMILTON, Bermuda, Aug. 5, 2021 /PRNewswire/ -- Compre, the
international specialist legacy group, and SiriusPoint Ltd. (NYSE:
SPNT) ("SiriusPoint") today announce that they have reached an
agreement for Compre to acquire a US$417
million portfolio of legacy liabilities, subject to
regulatory approval.
The transaction, structured as a loss portfolio transfer, will
be underwritten by Compre's class 3A Bermudian reinsurer, Pallas
Reinsurance Company Ltd. ("Pallas Re") and the portfolio comprises
asbestos, environmental and workers' compensation liabilities.
Compre CEO Will Bridger said: "I
am delighted to announce this strategic milestone for Compre and
Pallas Re. This transaction will grow our balance sheet
significantly and will accelerate our growth strategy in
North America. This is a
significant step in our ambitious growth plans and further
demonstrates our capabilities in executing large transactions. We
value our client relationship with SiriusPoint and have greatly
enjoyed working with them on this transaction."
"SiriusPoint is transferring its runoff business to legacy
specialists, allowing us to redeploy capital internally to areas of
strategic growth," said Sid
Sankaran, Chairman and Chief Executive Officer of
SiriusPoint. "Compre is a practitioner we have known and respected
for some time. With their new ownership and equity they are in an
ideal position to benefit from our runoff portfolio. I am very
pleased our transaction creates opportunities for both of our
businesses."
Compre was advised by New York
law firm Gerber Ciano Kelly Brady and PwC's Actuarial team.
SiriusPoint was advised by international law firm Clyde &
Co.
For further information please contact:
Compre
David Haggie /
Richard Adams / Shipra Khanna, Haggie Partners
+44 20 7562 4444
SiriusPoint
Investor Relations
Clare
Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com
+44 7970695959
Media
Sarah Hills,
Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
About Compre:
Compre is a leading legacy specialist with over 30 years of
experience in the acquisition and management of discontinued and
legacy non-life insurance and reinsurance business. Compre has
experience of acquiring most classes of direct and reinsurance
business, including general liability, marine and motor liability,
and US APH. Compre has operations in Bermuda, Finland, Germany, Malta, Switzerland, the UK and at Lloyd's.
www.compre-group.com
About SiriusPoint
SiriusPoint 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, Specialty, Property and Runoff, 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.
SiriusPoint Forward Looking Statement
We make statements in this report that are forward-looking
statements within the meaning of the U.S. federal
securities laws. We intend these forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements in the U.S. Federal securities laws. These
statements involve risks and uncertainties that could cause actual
results to differ materially from those contained in
forward-looking statements made on behalf of SiriusPoint. These
risks and uncertainties include the impact of general economic
conditions and conditions affecting the insurance and reinsurance
industry, the adequacy of our reserves, 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.; our ability to
assess underwriting risk, trends in rates for property and casualty
insurance and reinsurance, competition, investment market and
investment income fluctuations, trends in insured and paid losses,
regulatory and legal uncertainties and other risk factors described
in SiriusPoint's Quarterly Reports on Form 10-Q for the periods .
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.
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SOURCE SiriusPoint Ltd.