SHANGHAI, China/ZURICH, Switzerland July 15th, 2021 -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has introduced an innovative health insurance product to the Chinese market in partnership with Insurance Service Provider Further (wegofurther.com).
The healthcare assistance product pays for the treatment costs of patients with specific cancers of the lymphatic system. It covers costs of up to 1 million RMB over the course of a year in the treatment of named lymphomas with the chimeric antigen receptor T-cell (CAR-T) drug Yescarta, produced by pharmaceutical Fosunkite Bio - itself a joint venture between Fosun Group and Kite Pharma.
The product was launched as the first commercially available insurance cover for CAR-T therapy on July 1st, just days after the treatment had been approved by the Chinese regulator.
“We are delighted to bring this important healthcare assistance product to the Chinese insurance market,” said Stuart Liddell, President, Life, Accident & Health, SiriusPoint. “It has been a pleasure to collaborate with Further to address a gap in the market and make this insurance available to customers who are relying on our products to support them when they need it most.”
Doctor Geoff Tothill, Chief Medical Officer of SiriusPoint subsidiary, International Medical Group (IMG) explained: “CAR-T therapy is specifically developed for each individual patient and involves reprogramming the patient’s own immune system cells which are then used to target their cancer. With over 50% of all development effort occurring in China, the country has been at the forefront of the development of CAR-T therapy, which continues to be refined and developed in China at an impressive rate.”
The insurance product comes with concierge services provided by Further, a global leader in the design and development of cross-border insurance solutions for serious illnesses.
Kathy Xie, Accident & Health (A&H) Underwriter, said: “China has just welcomed its first commercial CAR-T therapy, which is a milestone for the development of the treatment. SiriusPoint aims to continue work, in partnership with Further, to upgrade and reform the product to best facilitate market and customer needs. The continued development of the Chinese health insurance industry is dependent on product innovation driven by collaboration across the healthcare ecosystem involving medical, pharmaceutical, insurance and service industries. SiriusPoint, working with our partners, is very pleased to be at the forefront of this trend.”
SiriusPoint is a global leader in A&H, offering a very broad range of products including Personal Accident, Employer Stop Loss Health, Disability, Travel, Life Reinsurance and Expat Health. The company’s seasoned underwriting team is based in London, New York, Zurich and Shanghai. They underwrite A&H insurance and reinsurance at Lloyd’s Syndicate 1945, SiriusPoint America, SiriusPoint International and Alstead Re, SiriusPoint’s Bermudian Captive Company, on Admitted and Surplus Lines paper as well as via reinsurance.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a top 20 global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 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.
Contacts
Investor Relations
Clare Kerrigan, SiriusPoint
clare.kerrigan@siriuspt.com
+44 7970695959
Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 7718882011
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the continued work and partnership with Insurance service Provider, Further, and the potential to upgrade and reform the insurance product. These forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: the costs, expense and difficulties of the integration of the operations of Sirius Group; the impact of the novel coronavirus (COVID-19) pandemic or other unpredictable catastrophic events; fluctuations in our results of operations; a downgrade or withdrawal of our financial ratings; inadequacy of loss and loss adjustment expenses reserves; the effects of global climate change; periods characterized by excess underwriting capacity and unfavorable premium rates; reduced returns or losses in SiriusPoint’s investment portfolio; adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; SiriusPoint’s significant deferred tax assets, which could become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced; the lack of availability of capital; future strategic transactions such as acquisitions, dispositions, mergers, investments or joint ventures; technology breaches; our concentrated exposure in Third Point Enhanced LP (the “TP Fund”) whose investment strategy may bear substantial investment risks; conflicts of interest among various members of TP Fund, Third Point LLC and SiriusPoint; and other risks and uncertainties listed in the SiriusPoint’s most recent Quarterly Report on Form 10-Q and any subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.