SiriusPoint signs $1.3B loss portfolio transfer with Compre's Pallas Re

SiriusPoint Ltd

LPT covers ~$1.3B in reserves from 2021 and prior underwriting years, primarily reinsurance.
Aggregate limit is 130% of reserve amount; expected close on or around June 30, 2023, subject to regulatory approvals.
SiriusPoint retains claims handling on ongoing business; reserve redundancy of ~$100M validates reserving policy.
CEO Scott Egan says deal is transformational, reduces future volatility, and releases substantial capital.
This is the second significant LPT between SiriusPoint and Compre.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SiriusPoint Ltd entered into Master Agreement dated March 2, 2023 with Pallas Reinsurance Company Ltd. valued at Reserves supporting Subject Business valued at approximately US$1.3 billion as of September 30, 2022 (effective 2023-03-02).

Action: entry
Counterparty: Pallas Reinsurance Company Ltd.
Value: Reserves supporting Subject Business valued at approximately US$1.3 billion as of September 30, 2022
Effective: 2023-03-02

Exact text from the filing

On March 2, 2023, certain property and casualty insurance subsidiaries of SiriusPoint Ltd., SiriusPoint International Försäkringsaktiebolag (PUBL) and Sirius International Managing Agency Limited, in its capacity as the managing agent for Sirius International Syndicate 1945 at Lloyd’s (together, the “SiriusPoint Cedents”), entered into that certain Master Agreement (the “Master Agreement”), dated as of March 2, 2023, made by and among the SiriusPoint Cedants and Pallas Reinsurance Company Ltd. (“Pallas Re”), a Class 3B insurer incorporated and registered in Bermuda and a subsidiary in the Compre group of companies.

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Source: SEC EDGAR

accession 0001576018-23-000023

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