SiriusPoint provides capacity to Hestia Capital in new partnership deal

SiriusPoint, the international specialty re/insurer, has invested in a Texas-based advisory start-up, Hestia Capital, and will provide re/insurance paper and capacity for the new venture.

Hestia was established by Jean Francois Bahier and Peter Norris to source and develop structured speciality re/insurance transactions and insurance-related investments in underserved or specialised markets. In partnership with SiriusPoint, it is working on a pipeline of projects, including a complementary healthcare product the two companies recently launched together in Poland.

The deal represents SiriusPoint’s first partnership since it launched in February 2021 with over $3 billion in capital.
Dan Malloy, president of global distribution at SiriusPoint said the partnership expands its ability to access alternative markets. “Hestia’s focus on the creation of new products to answer clients’ risk management and capital needs is a valuable service in the current market,” he said.

Bahier and Norris previously headed up the unique risk underwriting (URU) division at AmTrust Financial Services, building a profitable non-cat exposed diversified book of structured insurance and reinsurance deals. Both worked at AmTrust from 2009, with Bahier serving as president of the URU and Norris as a London-based underwriter of the division.

Norris said: “Our relationship with SiriusPoint solidifies our participation in the re/insurance market. We will shortly announce a partnership on the alternative asset side of our business.”

Hestia has said it aims to open additional offices in Europe as its operations grow.

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