SIRIUSPOINT ANNOUNCES PRESIDENT – GuruFocus.com

Daniel Malloyformer CEO of Third Point Re and former President, Global Distribution and Company Services, named interim CEO

Director Sharon Ludlow named interim president

HAMILTON, Bermuda, May 17, 2022 /PRNewswire/ — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, announced that Siddhartha (Sid) SankaranCEO, resigned from the company to pursue other opportunities.

The Council appointed Daniel Malloy as interim CEO while the board launches the search for a permanent successor, and current CEO Sharon Ludlow as interim chairman of the board. Both of these appointments take effect immediately. Mr. Sankaran will be available as an advisor to the Company after his departure to ensure a smooth transition.

“The Board and I would like to thank Sid for his work in managing the integration of Third Point Re and Sirius Group, and for setting the company on a compelling strategic path. We wish him luck,” Ms Ludlow said. “We are also very happy that Dan Malloy graciously agreed to join the Company on a short-term basis to help with this transition.”

“SiriusPoint has made tremendous progress since the merger, and I want to thank the team for helping to position the company for the future,” said Mr. Sankaran.

by Daniel Malloy The most recent role with the company was President of Global Distribution and Services. He was previously CEO of Third Point Re.

Ms. Ludlow is the former President and Chief Executive Officer of Swiss Re Canada and has served as a director of the company since its inception in February 2021.

Executive Biographies

Daniel Malloy

Daniel Malloy is an experienced reinsurance professional and has a long relationship with SiriusPoint and its predecessor, Third Point Re. Following the formation of SiriusPoint last year, Mr. Malloy served as President of Global Distribution and Services, and prior to that , he was the CEO of Third Point Re. Mr. Malloy joined Third Point Re in 2012 and served as Executive Vice President of Underwriting, then Chief Underwriting Officer, before being promoted to CEO in 2019.

Mr. Malloy’s experience in the reinsurance industry spans more than four decades, including positions at Aon Benfield, Stockton Reinsurance, Center RE and Zurich Reinsurance. He graduated from Dartmouth College.

Sharon Ludlow

Sharon Ludlow is a corporate director with over 25 years of experience in the insurance/reinsurance industry. During her career, Ms. Ludlow was President and Chief Executive Officer of Swiss Re Canada and President of Aviva Insurance Company of Canada.

Ms. Ludlow currently sits on the board of Lombard International, EIS Group and Green Shield Canada. Ms. Ludlow is a Fellow Chartered Professional Accountant (FCPA, FCA) in Canada and holds a Bachelor of Commerce degree from University of Toronto. She also holds the Institute of Corporate Directors designation (ICD.D).

About SiriusPoint

SiriusPoint is a global insurer and reinsurer providing solutions to its customers and brokers in nearly 150 countries. Bermuda– whose head office has offices in New York, London, stockholm and elsewhere in the world, we are listed on the New York Stock Exchange (SPNT). We are licensed to underwrite property and casualty and accident and sickness insurance and reinsurance globally. Our offering and distribution capabilities are enhanced by a portfolio of strategic partnerships with managing general agents and technology-driven insurance services companies within our Insurance and Services division. With over $3 billion total capital, SiriusPoint’s operating companies have financial strength ratings of A- (Excellent) from AM Best, S&P and Fitch. For more information, visit www.siriuspt.com.

SiriusPoint contacts

Kekst CNC

Ruth Pachman / Ross Lovern
[email protected] / [email protected]

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events and that actual events may differ materially from those expressed or implied by the forward-looking information contained in this press release. In addition, forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “plans”, “seeks”, “will”, “expects”, “intends to ‘, ‘estimate’, ‘anticipate’, ‘believe’ or ‘continue’ or the negative thereof or variations thereof or similar terminology. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements are: our ability to implement our strategic transformation, including changing the business mix between insurance and reinsurance ; the impact of the novel coronavirus (“COVID-19”) pandemic or other unforeseeable catastrophic events, including uncertainties regarding current and future losses related to COVID-19 across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changes in insurance rates, interest, stock market volatility and the ongoing impact of COVID-19 on business and financial markets; the costs, expenses and difficulties of integrating the operations of Sirius International Insurance Group, Ltd. (“SiriusGroup”); fluctuations in our operating results; a downgrade or withdrawal of our financial ratings; insufficient reserves for claims and claims adjustment expenses, lack of capital availability and periods of excess underwriting capacity and unfavorable premium rates; the performance of financial markets, the impact of inflation and currency fluctuations; legal restrictions on the ability of certain insurance and reinsurance subsidiaries of SiriusPoint to pay dividends and other distributions to SiriusPoint; our ability to successfully compete in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technological breaches or failures, including those resulting from a malicious cyberattack against us, our business partners or our service providers; the effects of global climate change, including the increased severity and frequency of weather-related natural disasters and increased coastal flooding in many geographic areas; our ability to retain key employees and the effects of potential labor disruptions due to COVID-19 or otherwise; the outcome of legal and regulatory proceedings, regulatory constraints on our business, including legal restrictions on the ability of certain of our insurance and reinsurance subsidiaries to pay dividends and other distributions to us, and losses resulting adverse results of litigation and other legal proceedings; reduced returns or losses in SiriusPoint’s investment portfolio; our concentrated exposure to funds and accounts managed by Third Point LLC, our lack of control over Third Point LLC, our limited ability to withdraw our capital accounts, and conflicts of interest between various members of Third Point Advisors LLC, TP Enhanced Fund, Third Point LLC and us; our potential exposure to US federal income taxes and withholding taxes and our significant deferred tax assets, which could be written down if we do not generate future taxable income or if applicable corporate income tax rates are reduced ; risks related to the delegation of powers to third-party managing general agents; future strategic transactions such as acquisitions, divestitures, investments, mergers or joint ventures; and other risks and factors listed in the company’s most recent annual report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise.

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SOURCESiriusPoint Ltd.

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