SiriusPoint Announces Partnership with Climate Focused Start-up Parameter Climate

HAMILTON, Bermuda, Oct. 22, 2021 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” | NYSE: SPNT), a global specialty insurer and reinsurer has announced a strategic partnership with Parameter Climate, a full-service climate underwriting and distribution advisory firm.

As part of the transaction, SiriusPoint has purchased a significant ownership stake in Parameter Climate in addition to providing multiyear capacity and paper. Additional capacity has been secured from another leading global reinsurer.

Parameter Climate, headquartered in New York City, is founded by Martin Malinow, a pioneer in the parametric climate market. The company brings a veteran team to focus on establishing an end-to-end business model which will provide advisory, structured financial products, distribution and underwriting services to the burgeoning market for climate risk transfer. This is increasingly important as corporations and public entities undertake the effort to calculate, disclose and eventually manage their Environmental, Social, and Governance (ESG) risks, of which climate is a major driver.

“We see a secular opportunity in helping to build a new market in climate risk transfer that will be integral to the continued growth and sustainability of the global economy,” said Mr. Malinow, Chief Executive Officer of Parameter Climate. “We are excited to partner with SiriusPoint on this opportunity - they bring the balance sheet capacity and financial resources for Parameter Climate to provide underwriting and distribution leadership to the growing climate market.”

Sid Sankaran, Chief Executive Officer of SiriusPoint, said: “With this partnership, SiriusPoint is investing in human expertise and data driven technology solutions to enable the transfer of climate risk to the insurance and capital markets. Parameter Climate's approach and their highly-experienced parametric team are providing a solution for the ‘E’ in ESG. We are delighted to be a part of that vision.”

“From global corporations looking to manage their climate exposures, to insurers and institutional investors wanting to create solutions to support these ESG challenges, Parameter Climate will play a key role in helping this diverse set of participants analyze, underwrite, package and distribute climate risk efficiently,” said Mr. Malinow.

Mr. Malinow has had a career in financial services spanning three decades, first in the capital markets as a fixed-income derivatives trader and portfolio manager before joining the nascent parametric climate market in the late 1990s. He has co-founded two companies in the space prior to Parameter Climate – XL Weather & Energy and Galileo – before assuming the role of President of Sompo Global Weather.

About SiriusPoint

SiriusPoint Ltd. (SiriusPoint) is a global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Specialty, Property and Runoff, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 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 Parameter Climate

Parameter Climate Inc is an ESG+ startup that will combine the market’s pre-eminent parametric climate risk transfer team with cutting edge analytics, enabling it to digitize and scale the distribution and underwriting of parametric climate risks.

Contacts:Martin Malinow, CEO, Parameter Climate
[email protected]

Investor RelationsClare Kerrigan, SiriusPoint
[email protected]
+44 7970695959

Media
Sarah Hills, Rein4ce
[email protected]
+44 7718882011

Forward-Looking Statements:

We make statements in this report that are forward-looking statements within the meaning of the U.S. federal securities laws, including with respect to the expectation that the Parameter Climate product will transfer climate risks to the insurance and capital markets. 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 forward-looking statements made on behalf of SiriusPoint. These risks and uncertainties include 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; 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 Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021. 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 report.