Sirius Group Expands New Excess & Surplus Lines (E&S) Platform

Rhea-AI Summary

Sirius International Insurance Group, Ltd. (Nasdaq:SG) announced the launch of Sirius Specialty Insurance Company (SSIC) effective January 1, 2021. This new U.S.-based Excess & Surplus Lines platform will underwrite business from the Company’s Environmental Division. SSIC, capitalized in August 2020, aims to diversify specialty insurance operations amid hardening market rates. The platform simplifies access to the E&S market for broker partners and broadens Sirius Group's underwriting capabilities, enhancing client solutions in environmental and professional insurance.

Positive

• Launch of the new U.S. Excess & Surplus Lines platform, SSIC, expected to enhance business operations.
• SSIC aims to diversify the specialty insurance offerings amid favorable market conditions.

Negative

• None.

HAMILTON, Bermuda, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Sirius International Insurance Group, Ltd. (Nasdaq:SG) ("Sirius Group" or the "Company") today announced that, effective January 1, 2021, the Group’s new U.S.-based Excess & Surplus Lines (E&S) platform called Sirius Specialty Insurance Company (SSIC) will begin underwriting business produced by the Company’s Environmental Division. Earlier this year, Sirius Group was granted authority to establish the New Hampshire based domestic surplus lines insurer with authority for various lines of business, including Accident & Health and Property and Casualty.

“Sirius launched its Environmental US Specialty Insurance business in 2017 and we continue to look for opportunities to expand our offerings and enter new lines of business in the Specialty Insurance market,” said Dan Wilson, Sirius Group President, U.S. Specialty Insurance. “With the hardening rates in the E&S market, we see a significant opportunity in this space and our new E&S platform enables us to diversify our specialty insurance operations in the US.”

SSIC was capitalized in August 2020 and began issuing certain travel/health insurance policies in September 2020. Sirius Group’s Environmental and Construction Professional team will begin underwriting on behalf of SSIC in January 2021.

“Our broker partners asked us for easier access to the E&S market and, by launching our new U.S. based platform, we have simplified our structure and SSIC is now listed as a domestic insurer with the National Association of Insurance Companies (NAIC) with widespread eligibility throughout the US,” said Doug Stepenosky, Sirius Group Managing Director, Environmental and Construction Professional team. “Sirius Group is committed to offering solutions to meet the needs of our partners and our US E&S platform is another step forward in our strategic plan.”

Sirius Group’s Environmental and Construction Professional team have vast underwriting and insurance-related experience and are able to provide solutions tailored to protect businesses from unique environmental and professional exposures. Employing a customer-focused approach enables the team to provide clients with a full suite of products encompassing fixed facilities, contracting services and professional liability with both primary and excess capability.

About Sirius Group

Sirius Group, with $2.4 billion of total capital and roots dating back to 1945, is a global multi-line (re)insurer headquartered in Bermuda with a unique global branch network, including offices in Stockholm, New York and London. Sirius Group's success over the years has come from working with honest, capable partners. Sirius Group provides a fully diversified set of tailored risk products to clients in approximately 150 countries, including health and travel products to consumers through its two managing general underwriters, ArmadaCorp Capital, LLC and International Medical Group. Sirius Group has been publicly traded since November 2018. You can learn more by visiting www.siriusgroup.com.

Source: Sirius International Insurance Group, Ltd.

Media Contact:
Sirius Group
Lynda.Caravello@SiriusGroup.com

FAQ

What is the purpose of Sirius Specialty Insurance Company (SSIC)?

SSIC aims to underwrite business from Sirius Group's Environmental Division, enhancing their specialty insurance operations.

When will SSIC begin underwriting business?

SSIC will begin underwriting on January 1, 2021.

What authority does SSIC have?

SSIC has been granted authority to operate as a domestic surplus lines insurer in New Hampshire.

How does SSIC benefit broker partners?

SSIC simplifies access to the Excess & Surplus market for broker partners.

What is Sirius Group's total capital?

Sirius Group has total capital of $2.4 billion.