- Sirius Group's Board is comprised of a majority of
independent directors (with one director affiliated with CMIG
International Holding Pte. Ltd.)
- Independence of Sirius Group's Board is bolstered by
shareholders agreement with cornerstone investors in Sirius Group's
Series B preference shares
HAMILTON, Bermuda, Nov. 18, 2019 /PRNewswire/ -- Sirius
International Insurance Group, Ltd. (Nasdaq: SG) ("Sirius Group" or
the "Company"), a global multi-line insurance and reinsurance
group, announced that its Board of Directors confirmed Mr.
Meyer (Sandy) Frucher as
Non-Executive Chairman of the Board of Directors of the Company
(the "Board"). Mr. Frucher was previously appointed as an interim
Non-Executive Chairman of the Board.
Mr. Kernan V. (Kip) Oberting,
Sirius Group's President and Chief Executive Officer said: "I am
pleased that Sandy has been confirmed as Non-Executive Chairman for
the benefit of Sirius Group. Our majority independent Board and key
governance protections embedded in our shareholders agreement
continue to help insulate Sirius Group from issues related to our
largest shareholder."
Mr. Frucher added: "Sirius Group's strength resides in our
people and global platform to position the Company to grow and
achieve its full potential."
About Sirius Group
Sirius Group, with $2.6 billion of
total capital and roots dating back to 1945, is a global multi-line
(re)insurer headquartered in Bermuda with a unique global branch network,
including offices in Stockholm,
New York and London. Sirius
Group's success over the years has come from working with honest,
capable partners. Sirius Group provides a fully diversified
set of tailored risk products to clients in approximately 150
countries, including health and travel products to consumers
through its two managing general underwriters, ArmadaCorp Capital,
LLC and International Medical Group Acquisition, Inc. Sirius
Group has been publicly traded since November 2018. You can
learn more by visiting www.siriusgroup.com.
Cautionary Note Regarding Forward-Looking Statements
We have made statements in this press release that are
forward-looking statements within the meaning of the federal
securities laws, including the Private Securities Litigation Reform
Act of 1995, including statements about the future growth and
performance of Sirius Group. 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. The forward-looking statements
are based on the current expectations of the management of Sirius
Group and speak only as of the date of this document. There can be
no assurance that future developments will be those that have been
anticipated. These forward-looking statements involve a number of
risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, Sirius
Group's exposure to unpredictable catastrophic and casualty events
and unexpected accumulations of attritional losses; increased
competition from existing insurers and reinsurers and from
alternative capital providers, such as insurance-linked funds and
collateralized special purpose insurers; decreased demand for
Sirius Group's insurance or reinsurance products, consolidation and
cyclical changes in the insurance and reinsurance industry; the
inherent uncertainty of estimating loss and loss adjustment
expenses reserves, including asbestos and environmental reserves,
and the possibility that such reserves may be inadequate to cover
Sirius Group's ultimate liability for losses; a decline in Sirius
Group's operating subsidiaries' ratings with rating agencies; the
exposure of Sirius Group's investments to interest rate, credit,
equity risks and market volatility, which may limit Sirius Group's
net income and may affect the adequacy of its capital and
liquidity; the impact of various risks associated with transacting
business in foreign countries, including foreign currency
exchange-rate risk and political risks on investments in, and
revenues from, Sirius Group's operations outside the U.S.; the
possibility that Sirius Group may become subject to additional
onerous governmental or regulatory requirements or fail to comply
with applicable regulatory and solvency requirements; Sirius
Group's significant deferred tax assets may become materially
impaired as a result of insufficient taxable income or a reduction
in applicable corporate tax rates or other change in applicable tax
law; a decrease in the fair value of Global A&H and/or Sirius
Group's intangible assets may result in future impairments; the
limited liquidity and trading of Sirius Group's securities; CMIG
International Holding Pte. Ltd.'s status as a controlling
shareholder, including its affiliates' liquidity issues; Sirius
Group's status as a publicly traded company, foreign private issuer
and controlled company; and other risks identified in Sirius
Group's Annual Report on Form 10-K for the year ended December 31, 2018, subsequent Quarterly Reports
on Form 10-Q and other filings with the U.S. Securities and
Exchange Commission. Should one or more of these risks or
uncertainties materialize, or should any of the assumptions made by
the management of Sirius Group 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 release.
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