SiriusPoint Ltd. (“SiriusPoint”), NYSE-listed (SPNT) global underwriter, and Compre, the Bermuda headquartered international legacy group, today announce that they have signed an agreement for a ground-up Loss Portfolio Transfer (“LPT”) on a diversified portfolio of primarily reinsurance business. The transaction’s inception is subject to regulatory approvals and other conditions of closing.
The LPT covers approximately $1.3bn of reserves, underwritten by SiriusPoint’s international reinsurance business headquartered in Sweden, and its Lloyd’s Syndicate 1945. The portfolio comprises several classes of business from 2021 and prior underwriting years, with SiriusPoint retaining claims handling authority on ongoing business. The announcement follows a comprehensive re-underwriting of SiriusPoint’s reinsurance portfolio, and the restructuring of the Company’s underwriting platform.