Compre Group Holdings Limited Compre announces second deal with SiriusPoint (7126R)
02 3월 2023 - 10:32PM
UK Regulatory
TIDMRG62
RNS Number : 7126R
Compre Group Holdings Limited
02 March 2023
Press release
2(nd) March 2023
Compre announces second deal with SiriusPoint
SiriusPoint Ltd. ("SiriusPoint"), NYSE-listed (SPNT) global
underwriter, and Compre Group Holdings Limited ("Compre"), the
Bermuda headquartered international legacy group, today announce
that they have signed an agreement for a ground-up Loss Portfolio
Transfer ("LPT") on a diversified portfolio of primarily
reinsurance business. The transaction's inception is subject to
regulatory approvals and other conditions of closing.
The LPT covers approximately $1.3bn of reserves, underwritten by
SiriusPoint's international reinsurance business headquartered in
Sweden, and its Lloyd's Syndicate 1945. The portfolio comprises
several classes of business from 2021 and prior underwriting years,
with SiriusPoint retain ing claims handling authority on ongoing
business. The announcement follows a comprehensive re-underwriting
of SiriusPoint's reinsurance portfolio , and the restructuring of
the Company's underwriting platform.
The LPT will be underwritten by Compre's class 3B Bermudian
reinsurer, Pallas Reinsurance Company Ltd. ("Pallas Re").
Scott Egan, SiriusPoint Chief Executive Officer, said: "This is
a transformational deal for SiriusPoint. It demonstrates decisive
and continuing execution against our strategic priorities of
simplifying our business, reducing future volatility, and improving
the profitability of our Company. By transferring these reserves,
we are aligning our balance sheet to our go-forward strategy. The
expected substantial capital release should further increase our
balance sheet strength, and the reserve redundancy of approximately
$100m validates our reserving policy while being accretive to
returns. As stated at our recent earnings update, we feel confident
about our prospects in 2023, with this deal providing another
evidence point of our progress. I am pleased we are partnering with
Compre once again, continuing a valued relationship with a
transaction that supports us in realising SiriusPoint's full
potential."
Compre CEO Will Bridger said: "Today's announcement represents
another important milestone in Compre's evolution, and we are
delighted to further assist SiriusPoint with the strategic
repositioning of its reinsurance business. This transaction
continues a valuable relationship, providing both significant
diversification and growth to our balance sheet and enabling
SiriusPoint to meet its strategic goals. As one of the largest
transactions underwritten in the legacy market, it also
demonstrates that Compre's client-focussed approach is recognised
across the insurance and reinsurance industry for providing
finality solutions on transactions of increasing significance."
SiriusPoint was advised on this transaction by AJ Gallagher
& Co. and Mayer Brown LLP.
Compre was advised by Debevoise & Plimpton LLP and EY.
- Ends -
Notes to Editors:
SiriusPoint is a global underwriter of insurance and reinsurance
providing solutions to clients and brokers around the world.
Bermuda-headquartered with offices in New York, London, Stockholm
and other locations, we are listed on the New York Stock Exchange
(SPNT). We have licenses to write Property & Casualty and
Accident & Health insurance and reinsurance globally. Our
offering and distribution capabilities are strengthened by a
portfolio of strategic partnerships with Managing General Agents
within our Insurance & Services segment. With $2.9 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
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
Contacts
SiriusPoint I nvestor Relations
Dhruv Gahlaut,
dhruv.gahlaut@siriuspt.com
+44 7514 659 918
SiriusPoint Media
Sarah Hills,
Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
Compre Media
David Haggie / Richard Adams / Shipra Khanna, Haggie
Partners
+44 20 7562 4444
Forward-Looking Statements
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. SiriusPoint is also subject to risks and
uncertainties in connection with its ordinary course business,
including 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;
uncertainty of success in investing in early-stage companies, such
as the risk of loss of an initial investment, highly variable
returns on investments, delay in receiving return on investment and
difficulty in liquidating the investment; 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 Annual Report on Form
10-K for the period ended December 31, 2022. 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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END
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March 02, 2023 08:32 ET (13:32 GMT)
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