SiriusPoint
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Inside P&C’s news team runs you through the key developments from the past week. -
The (re)insurer completed a $450mn redemption from hedge fund exposures, to be deployed in cash and fixed income, with an additional $100mn redemption in January 2022.
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The reinsurance unit's combined ratio plummeted to 91.2% from 129.4%, outweighing the increase in the insurance services combined ratio, which spiked to 98% from 55.5%.
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The deal makes SiriusPoint the lead underwriting capacity provider for Honeycomb.
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The business has attracted $110mn in its latest funding round and is valued at over $1.3bn.
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Ari Chester joined SiriusPoint in early 2021 and most recently served as Americas reinsurance COO.
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The hire follows the addition of former Berkshire Hathaway executive Michael Densham to expand the MGA’s Canadian operations.
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In his new role at the specialist D&O MGA, Densham will report to Banyan founder and CEO Tim Usher-Jones.
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The transaction grants SiriusPoint direct access to the life (re)insurance market in Canada.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
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LuckyTruck aims to expand across the US and solidify partnerships with MGAs, carriers and trucking groups.
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The carrier will make takeout offers to a selection of Citizens’ customers.
