30 November 2018Insurance

Sirius freed from ‘under review with negative implications’ by AM Best

AM Best has removed from “under review with negative implications” the rating of Sirius Bermuda Insurance Company, Sirius International Insurance Corporation and Sirius America Insurance Company as the Nasdaq listing of the group boosts the independence from its Chinese parent.

Sirius listed on the Nasdaq via a business combination with Easterly Acquisition on Nov. 5, 2018.

AM Best believes that by complying promptly with the Nasdaq listing requirements, Sirius has strengthened its governance and improved its transparency, and thereby has reinforced its independence from its ultimate parent, China Minsheng Investment Group.

The enhanced governance and independence safeguards now in place, as well as the strong regulatory oversight of the jurisdictions in which Sirius and its rated subsidiaries operate, are expected to shield the firm’s financial strength from potential adverse parental influence, AM Best noted.

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18 January 2019   Sirius America, a wholly owned subsidiary of Sirius International Insurance Corporation, has entered into a strategic partnership with Franklin Madison Group, an insurance marketing firm serving financial institutions.
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16 November 2018   Bermuda-based Sirius International Insurance Group CEO Allan Waters has called the third quarter 2018 results "disappointing" following the listing of the company on Nasdaq.
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6 November 2018   Bermuda-based Sirius International Insurance Group has become a publicly listed company, trading on the Nasdaq, following the completion of its merger agreement with Easterly Acquisition.