Sirius in advanced talks with investors on capital raise

Sirius International Insurance Group is in negotiations to raise around $400 million in equity to help shoulder acquisitions and prepare for an IPO.

The capital raise would potentially add two investors, each with an equity stake of below 10 percent.

“We are working on the capital raise,” Allan Waters, the company’s CEO, told Intelligent Insurer. “We have been in conversation with strategic investors.”

He explains that it was always part of the plan to bring in some third-party capital along the way. “Then perhaps down the road we will have an IPO,” Waters added.

“It can actually be helpful to have other investors come in and make investments in advance. They help to establish the value of the company,” he says, noting that there is no hard plan or timetable for an IPO in place yet.

As well as wanting to make the company more attractive to investors, Sirius has been seeking expansion into sectors where rates are more resilient to the overcapacity created by alternative markets. Waters says the company has been growing and diversifying through a mixture of acquisitions, strategic partnerships and organic growth.

This news story is a snapshot of a longer feature on Intelligent Insurer. To find out more about Sirius’ expansion plans please click here.

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