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Other topics discussed included new product lines, disruptive technology and the pandemic recovery.

IAN: What synergies and benefits will the recent merger between Third Point Re and Sirius bring to your operations, particularly in Asia?

Cramér Manhem: At Sirius Group, we had a strong and extensive network of existing relationships in Asia, with a client base across the whole continent. But the merger with Third Point Re brings specialist competencies, knowledge of other lines of business and structured deals, coupled with the ability to focus on opportunities beyond the traditional P&C reinsurance business we were mostly involved in at Sirius Group.

The merger gives us a new perspective as well as additional capital and strength to provide our clients with certainty and more stability following the recent uncertainties over ratings and ownership. It gives us a stronger foundation as well as expertise in other areas.

IAN: Given that APAC appears to have rebounded fastest from the pandemic, what role does the region play in your immediate plans going forward?

Cramér Manhem: We congratulate the APAC region on their step forward in dealing with the pandemic and hopefully coming back to a sense of normality in the not-too-distant future. But I do not think APAC’s swift rebound will change the way we consider the region — it is a a core part of our business strategy, with opportunities for growth.

Hopefully, we will be able to engage in a different way with the region as the economies recover more quickly than elsewhere. It is and has always been important for us to be close to the ground to hear where those opportunities lie, and for us to interact with our clients to make sure we are meeting any unexpected needs. Our organisation should be positioned to listen, be proactive, and interact with our clients and brokers as the APAC region moves forward.

IAN: What new product lines interest the company and what is the balance between your insurance and reinsurance offerings?

Cramér Manhem: Reinsurance is our core offering, especially property in the APAC region, but we want to become more of a specialty reinsurer and be more relevant to our clients across more lines than just property. Our large and profitable A&H  portfolio is an important offering that we are looking to expand as well as in other lines of business. Our focus is on profitability, and to stabilise and improve underwriting results. We want to grow with our partners in a way that is mutually beneficial.

On the insurance side, our new insurance and services division, headed up by Prashanth Gangu, is dedicated to seeking out strategic investment and partnership opportunities, as we aim to balance the company’s reinsurance and insurance lines. It will act as an incubator for insurance technology startups as well as encompassing SiriusPoint’s managing general agents (MGAs), Armada Care and International Medical Group (IMG)

IAN: What are your thoughts on disruptive technology and how will it impact the reinsurance space going forward?

Cramér Manhem: Disruptive technology is bringing change to our industry and to the reinsurance space — and we believe SiriusPoint will be at the forefront of that change. We want to challenge the status quo and create new ways of conducting business with diversity of thought and expertise. We intend that SiriusPoint will be a disruptive force and drive technology innovation in the (re)insurance industry. By turning data into meaningful information, we will transform underwriting by applying cutting-edge technology to offer our partners and clients a first-class service.

We aim to get closer to our clients and find vehicles for growth — and we want to invest in them and help them grow. In our insurance and services division, we intend to help technology-enabled companies get off the ground and then grow by creating a data and technology foundation.

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Manhem (pictured), who also looks after offices in Europe and Miami, was previously president global reinsurance and international specialty at Sirius Group.

“I’m delighted to announce the launch of SiriusPoint,” said Sid Sankaran, chief executive and chairman of SiriusPoint. “This is a strategic union of two highly complementary organisations. SiriusPoint is an opportunity to leverage our combined strengths and re-focus our organisation on profitability, innovative partnerships, and solutions. Our breadth of footprint combined with the ability to be nimble and responsive will be truly differentiating.”

The Bermuda-headquartered global (re)insurer operates in 150 countries.

Jan Onselius has become chief underwriting officer – international reinsurance after previously serving as chief underwriting officer, global reinsurance at the Sirius Group.

SiriusPoint has approximately US$3 billion of capital and controls around US$2.5 billion of gross written premium. Insurance lines include environment, property, energy, workers’ compensation and aviation. Meanwhile, the firm’s reinsurance arm places accident and health, casualty, credit, energy, marine and property.

Fitch Ratings said in a note last week that the transaction resolves Sirius’s shareholder concentration issue by reducing China Minsheng Investment Group’s ownership to approximately 35% from a 96% majority while also improving the organisation’s “financial flexibility”.

The rating agency’s view is that the transaction is overall neutral to Sirius’s ratings, and that the combined entity’s financial strength is consistent with an ‘A-‘ rating. Fitch said this reflects SiriusPoint’s moderate business profile, improved capitalisation and “reasonable financial leverage” in addition to its manageable catastrophe exposure.

These beneficial factors were partially offset by weak earnings, low fixed-charge coverage and increased investment risk. Sirius posted a 2020 combined operating ratio of 113.6%, as the firm was hit with Covid-19 losses, which Fitch said was inconsistent with Sirius’s “very strong historical performance”.

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