Compre Group Holdings Limited SiriusPoint and Compre complete LPT transaction (7365E)
03 7월 2023 - 9:15PM
UK Regulatory
TIDMRG62
RNS Number : 7365E
Compre Group Holdings Limited
03 July 2023
Press release
3(rd) July 2023
SiriusPoint and Compre complete LPT transaction
SiriusPoint Ltd. ("SiriusPoint"), NYSE-listed (SPNT) global
underwriter, and Compre Group Holdings Limited ("Compre"), the
Bermuda headquartered international legacy group, today announced
the completion of a significant ground-up Loss Portfolio Transfer
("LPT") of a diversified portfolio of primarily reinsurance
business, the second that the companies have partnered on.
Compre has assumed approximately $1.3bn of reserves and the LPT
has been underwritten by Compre's class 3B Bermudian reinsurer,
Pallas Reinsurance Company Ltd. The portfolio comprises several
classes of business from 2021 and prior underwriting years.
SiriusPoint retain s claims handling authority on ongoing
business.
SiriusPoint was advised by Gallagher Re and Mayer Brown LLP, and
Compre was advised by Debevoise & Plimpton LLP and EY.
- Ends -
Notes to Editors:
About SiriusPoint
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 over $3.0 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, the UK, the USA and at Lloyd's of London.
www.compre-group.com
Contacts
SiriusPoint Investor 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 /Olivia Thomson
Haggie Partners
compre@haggie.co.uk
+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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