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Top Stories / Ad / Most Recent
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance. -
The share price of majority China Minsheng-owned Sirius also surged 40%.
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Third Point Re said the deal would also “turn the page” on its days as a hedge fund reinsurer.
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The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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Gross written premiums fell 23% to $117mn from $152mn in the prior-year period.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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Covid-19 losses caused the group’s reported combined ratio to swell to 97.5% from 89.2% reported last year.
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On average, Argo underwriters commanded a 10% rate rise, and E&S lines submissions continued to increase.
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The specialty insurer’s underlying loss ratio dropped to 55.9% from 59.3% the year before.
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Reinsurance chairman will take on the CEO role until a successor is announced
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Arch was anticipating delinquencies to reach 10% by the end of 2020, a figure it has now revised down by a fifth.
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