SiriusPoint Ltd., a global insurer and reinsurer, announced it has entered into a strategic partnership with Mosaic Insurance.

SiriusPoint will invest in Mosaic to support growth, provide underwriting capacity to Mosaic’s syndicated capital program, and provide access to global licenses and infrastructure through a fronting arrangement. Sid Sankaran, chairman and chief executive officer of SiriusPoint, will take a seat on Mosaic’s board.

Subject to Lloyd’s and regulatory approvals, SiriusPoint will sell its Lloyd’s managing agency, Sirius International Managing Agency (SIMA), to Mosaic. SIMA will continue to provide services to Syndicate 1945 via a third-party syndicate management agreement. SiriusPoint will continue to have 100 percent ownership of Syndicate 1945, which currently writes Accident & Health, Casualty, Energy and Space business.

“Reinvigorating our Lloyd’s business is a key element of our strategy,” said Sankaran. “Syndicate 1945 is an important part of our global platform providing us and our strategic partners with access to the licenses and ratings that Lloyd’s offers. Partnering with Mosaic, which is a fantastic, entrepreneurial company, sets us on a path to access the right talent, scale our business and achieve profitable growth.”

SiriusPoint was assisted in the transaction by law firms Herbert Smith Freehills and, in respect of employment matters, Norton Rose Fulbright.

Source: SiriusPoint