REG - Compre Group Hldgs - SiriusPoint and Compre complete LPT transaction
03/07/2023 14:30
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RNS Number : 7365E Compre Group Holdings Limited 03 July 2023
Press release
3(rd) July 2023
SiriusPoint and Compre complete LPT transaction
SiriusPoint Ltd. ("SiriusPoint"), NYSE-listed (SPNT) global underwriter, and
Compre Group Holdings Limited ("Compre"), the Bermuda headquartered
international legacy group, today announced the completion of a significant
ground-up Loss Portfolio Transfer ("LPT") of a diversified portfolio of
primarily reinsurance business, the second that the companies have partnered
on.
Compre has assumed approximately $1.3bn of reserves and the LPT has been
underwritten by Compre's class 3B Bermudian reinsurer, Pallas Reinsurance
Company Ltd. The portfolio comprises several classes of business from 2021
and prior underwriting years. SiriusPoint retains claims handling authority on
ongoing business.
SiriusPoint was advised by Gallagher Re and Mayer Brown LLP, and Compre was
advised by Debevoise & Plimpton LLP and EY.
- Ends -
Notes to Editors:
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 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
(http://www.siriuspt.com) .
Compre is a leading legacy specialist with over 30 years of experience in the
acquisition and management of discontinued and legacy non-life insurance and
reinsurance business. Compre has experience of acquiring most classes of
direct and reinsurance business, including general liability, marine and motor
liability, and US APH. Compre has operations in Bermuda, Finland, Germany,
Malta, the UK, the USA and at Lloyd's of London. www.compre-group.com
(http://www.compre-group.com/)
Contacts
SiriusPoint Investor Relations
Dhruv Gahlaut,
dhruv.gahlaut@siriuspt.com (mailto:dhruv.gahlaut@siriuspt.com)
+44 7514 659 918
SiriusPoint Media
Sarah Hills,
Rein4ce
sarah.hills@rein4ce.co.uk (mailto:sarah.hills@rein4ce.co.uk)
+44 7718882011
Compre Media
David Haggie /Richard Adams /Olivia Thomson
Haggie Partners
compre@haggie.co.uk (mailto:compre@haggie.co.uk)
+44 20 7562 4444
Forward-Looking Statements
We make statements in this report 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 forward-looking statements made on
behalf of SiriusPoint. SiriusPoint is also subject to risks and uncertainties
in connection with its ordinary course business, including 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 report.
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