SiriusPoint Ltd., a global insurer and reinsurer, has entered into a strategic partnership with Mosaic Insurance (Mosaic). SiriusPoint will invest in Mosaic to support growth, provide underwriting capacity to Mosaic’s syndicated capital program and provide access to global licenses and infrastructure through a fronting arrangement. Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint will take a seat on Mosaic’s Board.
Subject to Lloyd’s and regulatory approvals, SiriusPoint will sell its Lloyd’s Managing Agency, Sirius International Managing Agency (SIMA), to Mosaic. SIMA will continue to provide services to Syndicate 1945 via a Third-Party Syndicate Management Agreement. Mosaic plans to modernize the Managing Agency and provide best in class support to Syndicate 1945.
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Syndicate 1945, which is not included in the sale, has achieved a combined ratio of 92.8% for the 2021 calendar year following a multi-year underwriting transformation. SiriusPoint will continue to have 100% ownership of the Syndicate, which currently writes Accident & Health, Casualty, Energy and Space business.
“Reinvigorating our Lloyd’s business is a key element of our strategy,” said Sid Sankaran, Chairman and Chief Executive Officer. “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.”
“Modernization is key to success in the Lloyd’s marketplace,” said Prashanth Gangu, Chief Operating Officer and President of Insurance & Services. “This deal creates a unique opportunity for both companies. We are laying the groundwork for future growth and profitability through this strategic partnership.”
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“This transaction will complement the strategic ambitions of both Mosaic and SiriusPoint and benefits both our companies,” said Mosaic Co-CEO Mitch Blaser. “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.”
SiriusPoint was assisted in the transaction by law firms Herbert Smith Freehills and, in respect of employment matters, Norton Rose Fulbright.
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