The Parent of a SiriusPoint Shareholder Taken Into Private Receivership

Rhea-AI Summary

SiriusPoint Ltd. (NYSE: SPNT), a global specialty insurer and reinsurer, has announced that CMIG International Holding Pte Ltd (CMIH), the parent company of CM Bermuda and a 33% shareholder of SiriusPoint, has been taken into private receivership by its lenders in Singapore. The appointed receiver, EisnerAmper, will assess relevant assets and determine future restructuring plans. Despite this development, CEO Scott Egan reassured that it will have no impact on the ongoing progress or day-to-day running of the business. S&P Global Ratings also revised SiriusPoint's outlook from 'Negative' to 'Stable', recognizing the company's dedication and effort to establish a stable platform.

Positive

• S&P Global Ratings revised SiriusPoint’s ratings outlook from ‘Negative’ to ‘Stable’ on November 9, 2023, reflecting its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025.”

Negative

• CMIG International Holding Pte Ltd (CMIH), the parent company of CM Bermuda and a 33% shareholder of SiriusPoint, has been taken into private receivership by its lenders in Singapore.

HAMILTON, Bermuda, Dec. 14, 2023 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a global specialty insurer and reinsurer, has been made aware that CMIG International Holding Pte Ltd (CMIH) has been taken into private receivership by its lenders in Singapore. CMIH is the parent company of CM Bermuda, a 33% shareholder of SiriusPoint, with 9.9% voting rights.  

The appointed receiver is the audit, accounting and tax firm, EisnerAmper who will be tasked with assessing relevant assets and determining future restructuring plans.  

Scott Egan, CEO, SiriusPoint, said: “The news of CMIH being taken into private receivership is a matter between its shareholders and lenders, and has no impact on the ongoing progress or day-to-day running of our business. Our focus at SiriusPoint remains on simplifying our business, reducing volatility and ultimately, continuing to build profitability.” 

“S&P Global Ratings has informed us that this development is a neutral factor to its ratings on our business and subsidiaries, and is unlikely to affect its assessment of SiriusPoint’s business position or financial strength.” 

S&P Global Ratings revised SiriusPoint’s ratings outlook from ‘Negative’ to ‘Stable’ on November 9, 2023, reflecting its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025.” Mr. Egan said the revision recognized “the hard work of our people, their dedication and our collective effort to establish a stable platform.” 

About SiriusPoint 
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com. 

Forward-Looking Statements 
We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2022. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this press release. 

Contacts 
Investor Relations 
Dhruv Gahlaut, SiriusPoint 
dhruv.gahlaut@siriuspt.com 
+44 7514 659 918 

Media 
Sarah Hills, Rein4ce 
sarah.hills@rein4ce.co.uk 
+44 7718 882 011 

FAQ

What is the latest news about SiriusPoint Ltd. (NYSE: SPNT) and CMIG International Holding Pte Ltd (CMIH)?

CMIG International Holding Pte Ltd (CMIH), the parent company of CM Bermuda and a 33% shareholder of SiriusPoint, has been taken into private receivership by its lenders in Singapore.

Who is the appointed receiver for CMIG International Holding Pte Ltd (CMIH)?

The appointed receiver is the audit, accounting and tax firm, EisnerAmper.

What is the impact of CMIH being taken into private receivership on SiriusPoint Ltd. (NYSE: SPNT)?

CEO Scott Egan reassured that it will have no impact on the ongoing progress or day-to-day running of the business.

How has S&P Global Ratings revised SiriusPoint’s outlook?

S&P Global Ratings revised SiriusPoint’s ratings outlook from ‘Negative’ to ‘Stable’ on November 9, 2023, reflecting its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025.”