Global insurer and reinsurer SiriusPoint has formed a strategic alliance with speciality insurance firm Mosaic to further its growth.
The tie-up will see Bermuda-based SiriusPoint invest in Mosaic and offer underwriting capacity for its syndicated capital programme.
Through a fronting arrangement, SiriusPoint will also give Mosaic access to global licences and infrastructure.
Under the agreement, SiriusPoint chairman and CEO Sid Sankaran will join the Mosaic board.
Concurrently, Mosaic agreed to acquire SiriusPoint’s Lloyd’s managing agency, Sirius International Managing Agency (SIMA).
Mosaic will modernise SIMA, which will keep servicing Syndicate 1945 via a third-party syndicate management agreement.
The size of SiriusPoint’s investment and the financial value of the deal, which is subject to approval by authorities, was not disclosed.
Sankaran said: “Reinvigorating our Lloyd’s business is a key element of our strategy. Syndicate 1945 is an important part of our global platform providing us and our strategic partners with access to the licences 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.”
Mosaic Co-CEO Mitch Blaser said: “This transaction will complement the strategic ambitions of both Mosaic and SiriusPoint and benefits both our companies. Mosaic believes in the power of partnership, and this agreement builds on an already strong relationship with SiriusPoint—as a participating carrier and a fronting partner in our syndicated capital programme.
“We are delighted to incorporate SIMA into our platform, and we are also pleased to welcome SiriusPoint as a strategic investor in Mosaic.”