SiriusPoint agrees major M&A deal with Mosaic for Lloyd’s business
SiriusPoint has decided to sell its Lloyd’s managing agency to Mosaic while agreeing to investing in the fellow Bermudian specialty insurer to spur its growth, providing underwriting capacity to Mosaic’s syndicated capital programme and access to global licenses and infrastructure through a fronting arrangement.
International specialty re/insurer SiriusPoint, led by Sid Sankaran (pictured right), has entered into a strategic partnership with Mosaic, the brainchild of insurance industry veterans Mitch Blaser (pictured left) and Mark Wheeler.
Subject to Lloyd’s and regulatory approvals, SiriusPoint will sell Sirius International Managing Agency (SIMA) to Mosaic. Syndicate 1945, which has achieved a combined ratio of 92.8% for the 2021 calendar year following a multi-year underwriting transformation, will not be included in the sale.
SIMA will continue to provide services to Syndicate 1945 via a third-party syndicate management agreement. SiriusPoint will retain 100% ownership of the Syndicate, which currently writes accident & health, casualty, energy and space business.
Mosaic plans to “modernise” the managing agency and provide support to Syndicate 1945.
“Reinvigorating our Lloyd’s business is a key element of our strategy,” said Sankaran, chairman and chief executive officer of SiriusPoint. “Syndicate 1945 is an important part of our global platform providing us and our strategic partners with access to the licenses and ratings that Lloyd’s offers.
“Partnering with Mosaic, which is a fantastic, entrepreneurial company, sets us on a path to access the right talent, scale our business and achieve profitable growth.”
Prashanth Gangu, chief operating officer and president of insurance & services, added: “Modernization is key to success in the Lloyd’s marketplace. This deal creates a unique opportunity for both companies. We are laying the groundwork for future growth and profitability through this strategic partnership.”
Mosaic co-CEO Blaser explained the transaction will benefit both companies. “ Mosaic believes in the power of partnership, and this agreement builds on an already strong relationship with SiriusPoint—as a participating carrier and a fronting partner in our syndicated capital program. We’re delighted to incorporate SIMA into our platform, and we’re also pleased to welcome SiriusPoint as a strategic investor in Mosaic,” he said.
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