SiriusPoint Restructures Business, Now Operating Through Four Business Areas

SiriusPoint Ltd., the Bermuda-based specialty underwriter, announced changes to its business structure as part of the next phase of the company’s evolution.

SiriusPoint will now operate through four business areas, including three globally focused P&Ls: Global P&C Programs, Global Reinsurance, Global Accident & Health, and a London Market Specialty division, which includes Lloyd’s.

SiriusPoint will combine its existing North America and International Programs businesses into one single Global P&C Programs division, which will be led by Patrick Charles, global head of P&C Programs. The new division reflects the company’s commitment to the programs space, further strengthening its offering to clients and distribution partners globally.

SiriusPoint’s new London Market Specialty division reflects the strategic importance of its London platform, including Syndicate 1945, and reinforces the company’s commitment to grow specialty business in London.

SiriusPoint’s London casualty, energy, property, and marine leaders will form part of the new London Market Specialty division, which will be led by David Govrin, president, in addition to his current responsibilities as CEO Global Reinsurance.

“These changes are a natural evolution of SiriusPoint as we build on the significant progress made over the past three years,” commented Scott Egan, chief executive officer at SiriusPoint in a statement. “We have improved our underwriting and operating foundations, sharpened our business mix, built a strong culture, and attracted high quality talent.”

Egan said these changes will strengthen the company’s offering to the market and support its strategic ambitions across geographies, platforms, and specialisms.

“We are positioning the business to capitalize on growth opportunities while continuing to deliver disciplined, profitable performance,” he added.

As part of the changes, Rob Gibbs will be leaving SiriusPoint. “Rob brought leadership and energy when the business needed it most, and he goes with my sincere thanks for all that he has done for SiriusPoint,” continued Mr. Egan.

There will be no changes to SiriusPoint’s Global Reinsurance and Global Accident & Health businesses.

Source: SiriusPoint