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SiriusPoint Ltd. said Wednesday it will close offices and lay off staff as it reported a net loss of $98 million for the third quarter due to Hurricane Ian and investment losses.
The Bermuda-based insurer and reinsurer said it will close its offices in Miami; Hamburg, Germany; and Singapore as part of a restructuring of its underwriting platform. It will also reduce its footprint in Liege, Belgium, and Toronto.
North American property catastrophe business will continue to be underwritten from Bermuda, and international property catastrophe business from Stockholm, SiriusPoint said in its third-quarter earnings statement.
The decision to reduce its global footprint and headcount was not an easy one, SiriusPoint CEO Scott Egan said in the statement.
“It was driven by the significant, increasing effects of climate change, including under-modeled perils, and the challenges faced by the catastrophe reinsurance market, which, for consecutive years, has seen poor historical performance and inadequate returns on capital,” said Mr. Egan, who was appointed CEO in September.
SiriusPoint’s net loss of $98 million for the third quarter, compared with a net loss of $48 million in the prior year period.
Catastrophe losses, net of reinsurance and reinstatement premiums, were $114.6 million in the quarter, compared with $283.5 million in the prior-year period, and included $80.1 million in Hurricane Ian losses.
SiriusPoint’s combined ratio improved to 107.7% from 147.7% in the prior-year period.
The company reported a net investment loss of $28.2 million for the quarter, against net investment income of $199.8 million in the prior-year period.
SiriusPoint also announced executive leadership changes.
Monica Cramér Manhem, president international reinsurance and CEO SiriusPoint International, and a member of the executive leadership team, has decided to retire, the company said.
Ms. Cramér Manhem will continue in her current role until a successor is appointed.
David Govrin has been promoted to the expanded role of global president of SiriusPoint and chief underwriting officer.
Mr. Govrin was previously global chief underwriting officer and president, Americas reinsurance.