HAMILTON, Bermuda, February 12, 2024 – SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, and Stockholm-based Managing General Underwriter (MGU) Ryan Specialty Nordics AB (“Ryan Specialty Nordics”), have today announced a new strategic trading partnership.
SiriusPoint will support Ryan Specialty Nordics as it offers insurance coverage for onshore windfarms, primarily in Sweden, and a package for small to medium-sized enterprises, which includes commercial property and legal liability. SiriusPoint will provide paper and will be the sole risk carrier for these insurance products.
A subsidiary of Ryan Specialty (NYSE: RYAN), Ryan Specialty Nordics is a specialty MGU that writes business on behalf of various Lloyd’s of London syndicates, through Lloyd´s Insurance Company SA, as well as company markets.
Ryan Specialty Nordics’ access to business in the Nordics and EEA region is supported by an established local presence in Stockholm, a specialist underwriting team of 14, and a strong broker network across all Nordic and EEA countries. Products include management liability, financial institutions, public offerings of securities, professional liability, cyber liability, life science risks, renewable energy, transactional risks, construction, municipalities and public entities.
Rob Gibbs, President & CEO, SiriusPoint International, said: “Ryan Specialty Nordics’ niche underwriting expertise and local knowledge will strengthen SiriusPoint’s presence in the region. We are pleased to support this new program at a time of increased focus from the Swedish Government on renewables and a drive towards greater windfarm utilization. The deal also demonstrates a continuing diversification of our portfolio in Stockholm and aligns with our strategy to develop MGA partnerships based on risk appetite alignment and synergy with the company’s underwriting expertise, vision and values.
“We are looking forward to onboarding another new trading partner through SiriusPoint International’s MGA Centre of Excellence,” Mr. Gibbs added. “The Centre is key to our distribution growth plans, raising our international profile, and expanding our global footprint. It enables operational efficiencies and access to expertise across the Company’s global platform, allowing trading partners to benefit from our ‘One SiriusPoint’ ethos.”
“We are excited to be working with SiriusPoint on this new program,” Jan Hallberg, Director, Ryan Specialty Nordics, said. “We will benefit from the financial security and market expertise of SiriusPoint’s underwriters, which will support Ryan Specialty Nordics’ ambitions to expand our current product offering to include renewable energy in Sweden and in the rest of the Nordics.”
ENDS
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 Managers 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.
Ryan Specialty
Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents and carriers. Headquartered in Chicago, Illinois, Ryan Specialty has operations in North America, the United Kingdom, Europe and Asia. Ryan Specialty provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers.
Ryan Specialty Nordics
Ryan Specialty Nordics’ access to business in the Nordics and EEA region is supported by an established local presence in Stockholm, a specialist underwriting team of 14, and a strong broker network across all Nordic and EEA countries. Products include management liability, financial institutions, public offerings of securities, professional liability, cyber liability, life science risks, renewable energy, transactional risks, construction, municipalities and public entities.
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
SiriusPoint
Dhruv Gahlaut, SiriusPoint
dhruv.gahlaut@siriuspt.com
+44 7514 659 918
Media
SiriusPoint
James Milne, Rein4ce
james.milne@rein4ce.co.uk
+44 7867 484854
Ryan Specialty
Nicholas Mezick, Ryan Specialty
IR@ryanspecialty.com
+1 312 784 6152
Ryan Specialty
Alice Phillips Topping, Ryan Specialty
Alice.Topping@ryanspecialty.com
+1 312 635 5976