09/15/2023 | Press release | Distributed by Public on 09/15/2023 07:35
SiriusPoint Expands Global Marine Offering and Lloyd's Underwriting Capabilities With Key Senior Hire
HAMILTON, Bermuda. September 15th 2023 - SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE: SPNT), a global specialty insurer and reinsurer, today announced that it has appointed Stephen Smyth as Head of Marine in London. Mr Smyth, who joins SiriusPoint on October 16th, 2023, will also be the Active Underwriter for Syndicate 1945, subject to Lloyd's approval.
SiriusPoint underwrites marine insurance and reinsurance across its global platforms and is looking to expand its insurance book through its London branch and Lloyd's Syndicate 1945. Mr Smyth, who brings over 30 years' experience in UK marine insurance to SiriusPoint, will also support SiriusPoint's Stockholm-based marine team as he develops the Company's marine capabilities in the London and international markets.
In his role Mr Smyth will bolster SiriusPoint's International underwriting leadership to optimize performance within the syndicate's existing portfolios and support the Group in delivering its growth and profitability targets. He will also be responsible for evaluating new business opportunities. Mr Smyth will report to Robert Harman, General Manager SiriusPoint London Branch, and CEO & Managing Director, Sirius International Managing Agency (SIMA).
"I am very pleased to welcome Steve to the business," said Mr Harman. "His experience and expertise will be a great asset as we focus on building out SiriusPoint's marine underwriting specialism and develop our business in Syndicate 1945 and internationally."
The hire follows a number of senior appointments at SiriusPoint as the business builds capability in its areas of focus. These include Head of London US Casualty, David Rees; Global Head of Ceded Reinsurance, Habib Kattan; and Deputy Chief Underwriting Officer, Anthony Shapella, in addition to key appointments to its executive leadership team. SiriusPoint has also recently promoted a number of colleagues within its leadership team, including Tom Leonardo to Global Head of Accident & Health; Nestor Lopez to Chief Information & Technology Officer; and Anders Holm to Chief Actuary of SiriusPoint International. Tomais Gaughan has also be promoted to Head of Energy in London.
Rob Gibbs, President & Chief Executive Officer, SiriusPoint International, added: "SiriusPoint's Lloyd's businesses, including Sirius International Managing Agency and Syndicate 1945, are vital elements to SiriusPoint's overall business and its strategy to be a high-performing underwriter. We see Lloyd's as core to our business and we're very excited about the opportunities available to us in the London Market, and the contribution we can make in that space."
"Steve has deep market experience and relationships that support our ambitions as a growing player in Cargo, Fine Art and Specie across our London, International and global platforms," Mr Gibbs said. "He is an experienced leader and a strong cultural fit for SiriusPoint. I am delighted to welcome him to our business as we continue to seek out best-in-class underwriting talent to support our ambitious plans."
Mr Smyth joins SiriusPoint from Travelers, where he has built a profitable specialist insurance operation for UK marine risks as Managing Senior Underwriter of Marine. Prior to Travelers, Mr Smyth was the Head of UK Regional Marine and Head of Office at Beazley. He has previously held marine underwriting roles at Allianz, AIG and Commercial Union. Mr Smyth also served on the Joint Cargo Committee at Lloyd's of London from 2001 to 2009 and was the UK market lead for Public/Private Partnership with NaVCIS Freight, (National Vehicle Crime Intelligence Service), reporting into the National Police Chief's Council.
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.
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.
Dhruv Gahlaut, SiriusPoint
+44 7514 659 918
Sarah Hills, Rein4ce