SiriusPoint Announces MGA Partnership with Nordic Marine Insurance

HAMILTON, Bermuda. Monday 18th September, 2023 - SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global specialty insurer and reinsurer, and Stockholm-based Nordic Marine Insurance (Nordic Marine), have today announced a new strategic partnership.

Founded in 2012, Nordic Marine is an insurance company providing niche insurance products to the global maritime industry and offers mainstream marine covers through its strong partnerships with major reinsurers. It is the second managing general agent (MGA) to have emerged through SiriusPoint International's MGA Centre of Excellence, which launched this year to deliver a collaborative onboarding experience for new MGA partners.

The partnership with SiriusPoint's Stockholm-based underwriting team will primarily focus on writing Hull & Machinery (H&M), Yacht Owners Charter Cancellation and Marine Delay business.

SiriusPoint's Marine team works with both local and global marine insurers and brokers to deliver solutions to support clients' risk appetites and coverage requirements, while its Marine Reinsurance offering includes liability arising from maritime activity and coverage associated with the transportation of goods.

Rob Gibbs, President & CEO, SiriusPoint International, said: "MGA distribution is a core part of SiriusPoint international's growth strategy. We are delighted to have established a partnership with Nordic Marine, whose unrivalled and highly skilled underwriting expertise fits perfectly with our plans to grow the marine business across our international platform. It also aligns with our strategy to develop MGA partnerships based on risk appetite alignment and synergy with the company's underwriting expertise, vision and values.

"I am particularly proud that SiriusPoint International's MGA Centre of Excellence has successfully onboarded a new expert partner that will strengthen our distribution, international profile and global footprint. Our international MGA approach mirrors the Company's North American programs structure and enables operational efficiencies and access to expertise across the Company's global platform, allowing partners to benefit from our 'One SiriusPoint' ethos."

Dan Lennhammer, Managing Director, Nordic Marine Insurance, said: "We are very pleased to have agreed a partnership with a major global re/insurer of SiriusPoint's stature and strength. SiriusPoint's growing marine capabilities and capacity, combined with our highly niche marine underwriting knowledge and experience, will enable us to focus on providing customized insurance solutions in our core markets around the world.

"We look forward with great enthusiasm to working with a company that shares our passion for delivering best-in-class products and is focused on underwriting discipline and sustainable profitability."

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 Managers 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.

About Nordic Marine Insurance

Based in Stockholm, Nordic Marine Insurance (Nordic Marine) is a leading independent marine insurance company and provider of niche insurance products to the global maritime industry.

We were founded in 2012 and approved by the Swedish FSA as per the Solvency II regulations in Europe as well as an approved Lloyd's Cover Holder the following year.

Our team of leading professionals have more than 200 years of cumulative experience in all marine insurance fields.

We are focussed on niche marine insurance products but with the benefit of strong partnerships with major re-insurers we can also provide other mainstream marine covers.

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 retuon 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
[email protected]
+44 7514 659 918

Media

James Milne, Rein4ce
[email protected]
+44 7867 484854

For more Nordic Marine details, please contact:

Jan Limnell, Nordic Marine Insurance
[email protected]
+358 40 5893 398

Attachments

Disclaimer

SiriusPoint Ltd. published this content on 15 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2023 12:00:39 UTC.