Allan Waters, CEO Sirius Group
26 June 2018Insurance

Sirius stresses growth potential in going public move

Bermuda-based Sirius International Insurance Group has highlighted the growth opportunities the firm faces as it revealed its  merger agreement with special purpose acquisition firm Easterly Acquisition which will result in Sirius becoming a publicly listed company.

An investor presentation shows that the firm plans to grow gross premiums written to $2.28 billion by 2020 from an estimated $1.90 billion in 2018. The share of the so-called “high return growth re/insurance” business is set to expand to 15 percent from 7 percent over the period, according to the presentation.

Sirius expects annual revenue growth of 50 percent in “high return growth re/insurance,” including primary direct specialty – surety and environmental lines and long-tail re/insurance, according to the presentation.

“A&H (accident and health) insurance has been our largest source of growth this decade, but now we are adding new lines of business which are just picking up steam,” CEO Allan Waters said during the June 25 investor presentation.

At the end of 2017 Sirius entered surety and environmental lines in the US. Furthermore, in early 2017, Sirius re-entered the US casualty reinsurance business.

“We are now seeing rate increases in most soft lines of casualty,” Waters said.

“We anticipate adding more new lines in the future,” Waters said.

Growth sources may include acquisitions.

“Partner MGU’s (managing general underwriters) are a source of potential future acquisitions,” Waters said.

In April 2017, Sirius acquired US-based healthcare specialist ArmadaCorp Capital, which provides supplemental healthcare insurance products and administration services in the US.

One month later, the firm bought International Medical Group (IMG), a provider of global medical insurance products and assistance services.

Sirius expects cash earnings to jump to $273 million in 2020 from $157 million in 2018, according to the presentation.

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More on this story

14 March 2018   Three years after Sirius International Insurance Group was acquired by China Minsheng Investment (CMIG International), the company is rolling out ambitious growth plans and is readying itself for a potential initial public offering, Allan Waters, the company’s chief executive, tells Intelligent Insurer.
25 June 2018   Bermuda-based Sirius International Insurance Group plans to merge with special purpose acquisition firm Easterly Acquisition in a deal which will result in Sirius becoming a publicly listed company.
31 August 2018   Bermuda-based Sirius International Insurance Group has entered into equity subscription agreements with affiliated funds of Gallatin Point Capital, The Carlyle Group, Centerbridge Partners, and Bain Capital Credit.