SiriusPoint

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.

The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.

In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.

The move follows an earlier announcement in May, when SiriusPoint disclosed that its equity stake in the Bermuda-based MGA was reduced to 49% from 100%.

The incoming deputy CUO spent 10 years at AIG, holding roles such as global head of portfolio analytics and chief risk officer for financial and liability lines.

The activist investor agreed not to acquire more than 9.5% of the outstanding shares of the company or an amount of ownership requiring regulatory approval.

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Kattan’s role will include establishing the strategy and structure of SiriusPoint’s global ceded reinsurance function, managing the ceded team based in Stockholm and overseeing all reinsurance placements.

Rees joins from Chord Re, where he was head of casualty for nearly two years.

The underwriter replaces Stuart Liddell, who is leaving the business.