SiriusPoint offloads $417m portfolio to redeploy capital in strategic growth

International specialty re/insurer  SiriusPoint is transferring its $417 million runoff business to free up capital and redeploy it in areas of strategic growth.

The re/insurer has struck a deal with legacy specialist Compre to transfer its $417 million portfolio of legacy liabilities.

The transaction, structured as a loss portfolio transfer, will be underwritten by Compre’s class 3A Bermudian reinsurer Pallas Reinsurance Company (Pallas Re).

The portfolio to be acquired by Compre comprises asbestos, environmental and workers’ compensation liabilities.

“ SiriusPoint is transferring its runoff business to legacy specialists, allowing us to redeploy capital internally to areas of strategic growth,” said Sid Sankaran (pictured), Chairman and Chief Executive Officer of SiriusPoint. “ Compre is a practitioner we have known and respected for some time. With their new ownership and equity they are in an ideal position to benefit from our runoff portfolio. I am very pleased our transaction creates opportunities for both of our businesses.”

Compre CEO Will Bridger said: “I am delighted to announce this strategic milestone for Compre and Pallas Re. This transaction will grow our balance sheet significantly and will accelerate our growth strategy in North America. This is a significant step in our ambitious growth plans and further demonstrates our capabilities in executing large transactions. We value our client relationship with SiriusPoint and have greatly enjoyed working with them on this transaction.”

Compre was advised by New York law firm Gerber Ciano Kelly Brady and PwC’s actuarial team. SiriusPoint was advised by international law firm Clyde & Co.

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