The Parent of a SiriusPoint Shareholder Taken Into Private Receivership
14 Diciembre 2023 - 2:42AM
SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a
global specialty insurer and reinsurer, has been made aware that
CMIG International Holding Pte Ltd (CMIH) has been taken
into private receivership by its lenders in Singapore. CMIH is the
parent company of CM Bermuda, a 33% shareholder of SiriusPoint,
with 9.9% voting rights.
The appointed receiver is the audit, accounting and tax firm,
EisnerAmper who will be tasked with assessing relevant assets and
determining future restructuring plans.
Scott Egan, CEO, SiriusPoint, said: “The news of CMIH being
taken into private receivership is a matter between its
shareholders and lenders, and has no impact on the ongoing progress
or day-to-day running of our business. Our focus at SiriusPoint
remains on simplifying our business, reducing volatility and
ultimately, continuing to build profitability.”
“S&P Global Ratings has informed us that this development is
a neutral factor to its ratings on our business and subsidiaries,
and is unlikely to affect its assessment of SiriusPoint’s business
position or financial strength.”
S&P Global Ratings revised SiriusPoint’s ratings outlook
from ‘Negative’ to ‘Stable’ on November 9, 2023, reflecting its
“expectation that SiriusPoint will continue to post strong and
improving underwriting results in 2023-2025.” Mr. Egan said the
revision recognized “the hard work of our people, their dedication
and our collective effort to establish a stable
platform.”
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 and Program
Administrators 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.
Forward-Looking Statements We make
statements in this press release 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 the forward-looking statements.
These risks and uncertainties include, but are not limited to, 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 press release.
Contacts Investor
Relations Dhruv Gahlaut,
SiriusPoint dhruv.gahlaut@siriuspt.com +44 7514 659
918
Media Sarah Hills,
Rein4ce sarah.hills@rein4ce.co.uk +44 7718 882
011
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