Sirius International - Sirius Group€¦ · tail business. Sirius International is the largest...

Sirius International

2 Sirius International | Business Presentation

ON THE COVER: AVIATION/SPACE

Third largest line of business.

Business Presentation | Sirius International 3

about us

• Sirius International has been based in Stockholm since its foundation in 1945

• We underwrite from our head office and from offices in Bermuda, Hamburg, Liège, London, Singapore and Zurich

• Decades of stability lend further credence to our solid financial strength

• We serve clients and brokers all over the world

• On July 1, 2011 Sirius International established Lloyd’s Syndicate 1945 and in 2014 the Managing Agency was set up.

• In 2012 Sirius America became a 100% owned subsidiary.

strengths

• Largest reinsurance company in Scandinavia

• USD 1.8B in regulatory capital at December 31, 2017

• A.M. Best rating of “A” (Excellent)

• Standard & Poor’s rating of “A–” (Strong)

reinsurance

• Property including Agriculture

• Accident & Health

• Aerospace

• Marine & Energy

• Credit & Bond

• Casualty

insurance

• Accident & Health and Travel Insurance

• Property

• Aviation

• Energy

• Casualty

Sirius International Insurance Corporation at a glance


Our Owner

*China Minsheng Investment Group (CMIG) – a leading international private investment group founded in Shanghai on 21 August 2014 by 59 renowned private enterprises.

cmig international holding pte. ltd.(“CMIG International”) completed the acqui- sition of Sirius International Insurance Group, Ltd (“Sirius Group”) through its Bermuda holding company, CM Bermuda Limited, on April 18, 2016. CMIG International is a subsidiary of CMIG with a core focus on global investments. Registered in December 2014 in Singapore, CMIG International’s registered capital is in excess of USD 2.2B.

With strong insurance capital support and support from M&A insurance funds, CMIG International focuses on becoming a major global insurance investment group via the form of mergers and organic growth of insurance companies. Through Sirius Group, CMIG International plans to grow its business portfolio consisting of reinsurance, specialty insurance, property insurance, life insurance and internet insurance.

CMIG International is committed to support Sirius’ expansion into the Asian market and strengthening its financial assets.


sirius international insurance group, ltd.(“Sirius Group”) is a Bermuda-domiciled holding company whose operating companies offer a rich variety of reinsurance and insurance products serving clients and brokers through our global office network.

Principal Operating Companies sirius bermuda insurance company, ltd. (“SBDA”) – A Bermuda based leading reinsurer for Property, Casualty and Accident & Health focused on US and Latin American treaty business. SBDA is the top operating company in the Group and began writing business after receiving the Class 4 license from the Bermuda Monetary Authority in 2016. SBDA also writes US treaty business through an advisory agreement with Sirius America Re Managers.

sirius international insurance corporation (publ)(“Sirius International”) – An international (re)insurer based in Sweden focused on Property, Accident & Health and other short tail business. Sirius International is the largest reinsurance company in Scandinavia and a leading reinsurer in the European markets. Sirius International’s

head office is in Stockholm with offices in Bermuda, Hamburg, Liège, London, Shanghai, Singapore and Zurich. Sirius International is 100% owned by Sirius Bermuda.

sirius america insurance company (“Sirius America”) – A U.S. based (re) insurance company focused on Property and Accident & Health coverages as well as specialty lines. Sirius America serves clients throughout North America and Latin America from its headquarters in New York City and its branch offices in Miami, Norwalk and Toronto. Sirius America is a 100% owned subsidiary of Sirius International.

sirius international managing agency ltd. The Lloyd’s Managing Agency, established in 2014, is responsible for Syndicate 1945 and 100% owned by Sirius International. The Syndicate focuses primarily on Accident & Health, Casualty and Property.

sirius global solutions, inc. A management and insurance subsidiary established to serve clients seeking to reduce exposure to historical liabilities and/or exit a line of business.

Sirius Group


Our locationsSirius BermudaSirius International Sirius AmericaLloyd’s Syndicate 1945


Organization

* Reports directly to the Board of Directors ** IT reports to Marcel Hegglin, Sirius Group

Insurance Acc. Control &

Compliance Renée Bergdahl

Risk Management Jörgen Olsén

Human ResourcesOffice Admin

Ki Hummelgren

LegalLena Kjellenberg

Heynes

IT**

Taxes Katarina

Westermark

President & CEOMonica Cramér Manhem

Executive AssistantBrenda Wallén

Executive Assistant/Marketing & Communication

Anna-Karin Sjöström

Internal Audit* Anna Gutemar

Technical Dept UW

Thomas Karlsson

Technical Dept. R&D

David Anderson

Global UW Systems & Process

Barbro Sköld

UW Control Gunilla Carlsson

Group UW Analytics

Martin Hamrin

Outwards Anders

Henriksson

Corporate Acc. & Control

Mats Engström

ActuarialLars Klingberg

Business Units

EVP & Group CUO Jan Onselius

EVP Anders

Henriksson

Group CFO Lars

Andersson

Executive Functions

EVP & Group COO Lars Ek

ClaimsDick Ullgren

Technical Accounting

Håkan Axberg

Sirius International Insurance Corporation


Business units in Stockholm

• Bangladesh

• India

• Japan

• Middle East

• Pakistan

• Nordic Countries

• Baltic States

• CIS

• Czech Republic

• Hungary

• Poland

• Russia

• Slovakia

North America & Oceania

Jonas Petersson


Japan, Middle East & South AsiaPeter Andréason

Nordic Countries, Baltic &

Eastern EuropeEva Hamilton

UK/Ireland & Caribbean

Marie Nilsson

• UK/Ireland

• Caribbean

• North America

• Oceania

• Europe excl UK & Ireland

Property Direct & Fac

Eva Andersson



Offices

• Aviation & Space Worldwide

• Albania

• Austria

• Bosnia

• Bulgaria

• Croatia

• Germany

• Macedonia

• Montenegro

• Romania

• Serbia

• Slovenia

• Switzerland

• Cambodia

• China

• Hong Kong

• Indonesia

• Korea

• Laos

• Macau

• Malaysia

• Mongolia

• Philippines

• Singapore

• Sri Lanka

• Taiwan

• Thailand

• Vietnam

• Accident & Health

• Property - Fac/Direct

• Casualty

• Energy - Fac/Direct

• Benelux

• Cyprus

• France

• Greece

• Israel

• Italy

• Malta

• Portugal

• Spain

• Turkey

• Africa

• Latin America

• Credit & Bond

ZurichM. Wyss

HamburgL. Nelson

SingaporeP. Ng

LondonR. Harman

China Rep Office ShanghaiLuke Liu

LiègeP. Chamberland



• US Cat

Bermuda Warren Trace


ACCIDENT & HEALTH

Second largest line of business.


Business Profile at a glance

Sirius International is active within insurance such as international Health and Travel, Property, Aviation and Casualty.

Treaty business is underwritten from our head office in Stockholm and from our offices in Bermuda, Hamburg, Liège, London, Singapore, Zurich and Syndicate 1945 while facultative and direct business is underwritten in Stockholm, Hamburg, London, Singapore, Zurich and Syndicate 1945.

property

• Underwritten from Stockholm, Bermuda, Hamburg, Liège, London and Singapore – representing roughly 50% of the portfolio and emanating from more than 100 countries

• Over 40% of the business is from Europe

• Facultative reinsurance and direct business is written in Stockholm, Hamburg, London, Singapore and Syndicate 1945

accident & health

• Second largest line of business written almost entirely in our London branch and Syndicate 1945

• The portfolio consists of Health, PA and Travel accounts

aviation & space

• Third largest line of business

• All lines of aerospace are underwritten in our Zurich branch

• 90% Aviation and 10% Space

marine & energy

• Marine business is written in most units, focusing on local accounts

• A limited Energy account is written in our London branch and Syndicate 1945

credit & bond

• Written in our Liège branch

• The portfolio consists mainly of Trade Credit pro rata

casualty

• Written actively in our London branch and Syndicate 1945 and on a selective basis across all other offices

• The treaty portfolio is mainly written in Syndicate 1945 and consists of all professional liability lines, GL, Workers Comp and Medical Malpractice


Financial Highlights

Sirius International Insurance Corporation(incl. Sirius America and Synd 1945) Jan–June 2018 Jan–Dec 2017

Gross Premium Income MUSD 969 MUSD 1 294

Net Premium Income MUSD 529 MUSD 705

Underwriting Result MUSD 53 MUSD –74

Combined Ratio 86% 110%

Income before tax MUSD 128 MUSD –48

Solvency Capital MUSD 1 789 MUSD 1 812

Solvency Capital MSEK 16 015 MSEK 14 870

* Sirius International Insurance Corporation on a consolidated IFRS basis


Financial Strength

RATINGS

Sirius International

A.M. Best A (excellent)

Standard & Poor’s A– (strong)

SYND 1945*

A.M. Best A (excellent)

Standard & Poor’s A+ (very strong)

* The Syndicate benefits from the Lloyd’s market ratings


Our Capacity

Property Cat USD 100’000’000

Property Risk Exposed USD 25’000’000

Property Facultative USD 50’000’000

Aviation Facultative USD 60’000’000

Aviation Treaty USD 25’000’000

Marine Cat/Accumulation USD 50’000’000

Marine Risk Exposed USD 15’000’000

Accident & Health Cat USD 50’000’000

Accident & Health Other USD 15’000’000

Credit & Bond Proportional USD 100’000’000

Credit & Bond XL USD 35’000’000

Casualty USD 25’000’000


Combined Ratio (GAAP)Comparison with Worldwide Reinsurance Industry

CONSISTENCY OVER THE PRICING CYCLE

1) Represents published industry results as per S&P’s global reinsurance highlights for Top 40 Reinsurers. 2017 reflects currently available peer set.

Sirius Group

Worldwide Reinsurance Industry 1)

2009

2010

2011

2012

2013

2014

2015

2016

2017

0

30

60

90

120

150

111%

108%


Regulatory Capital (MSEK)Sirius International Insurance Corporation

20150

14 000

18 000

12 000

16 000

20 000

10 000

8 000

6 000

4 000

2 000

2005

9 364

2006

9 893

2007

10 399

2008

10 455

2009

12 544

2010

12 516

2011

14 150

2012

16 011 16 015

2013

16 191

2014

17 95416 983

2016

18 632

14 870

2017 Q2 2018


Our History at a Glance

2017Sirius International received regulatory approval to open their Representative Office in Shanghai, China.

2016Sirius Group is acquired by CM International Holding Pte. Ltd. (”CMIH”). CMIH is a Singapore based investment holding company owned by private investors.

2014Sirius launches its own Lloyd’s managing agency.

2011Lloyd’s Syndicate 1945 was established.

2004Sirius International is acquired by White Mountains.

Late 1990’sSirius’ Singapore branch is established. Sirius’ expansion continues through more acquisitions.

Late 1980’sSirius expands through acquisitions and formation of specialized reinsurance vehicle.

1985Sirius was aquired by ASEA AB. In 1986, ASEA merges with BBC and becomes ABB.

1945Sirius is founded by the Johnson Group.

Contactssirius international insurance corporation (publ)Birger Jarlsgatan 57BSE - 113 96 Stockholm, Swedent. +46 8 458 55 [email protected]

sirius international insurance corporation (publ)Belgian branch: Mont Saint-Martin, 62B/2BE - 4000 Liège, Belgiumt. +32 4 220 [email protected]

sirius rückversicherungs service gmbh Hamburg: Neuer Wall 52/Entrance: Bleichenbrücke 1-7 20354 Hamburg, Germany t. +49 403 095 190 [email protected]

sirius international insurance corporation (publ) Labuan branch: [email protected]

sirius international insurance corporation (publ)UK branch: Floor 420 Fenchurch StreetLondon EC3M 3BY, UKt. +44 20 3772 [email protected]

sirius international insurance corporation (publ)Asia branch, Singapore: 24 Raffles Place, 10-01/02 Clifford Centre 048 621 Singapore, Singapore t. +65 6435 0052 [email protected]

sirius international insurance corporation (publ)Zurich branch: Dreikönigstrasse 12CH-8002 Zurich, Switzerlandt. +41 43 443 [email protected]

syndicate 1945 at lloyd’sLloyd’s 3rd Floor, Lime Street London EC3M 7HA, UK t. +44 20 3772 3111 [email protected]

sweden sirius international insurance corporationShanghai Representative Office: 10F, The Bund International PlazaNo. 100 South Zhongshan StreetShanghai 200010, P.R. Chinat. +86 21 3335 [email protected]

sirius international insurance corporation (publ)Bermuda Branch14 Wesley Street, 5th floorP.O. Box HM 2275, Hamilton HMJX, Bermudat. +1 441 278 [email protected]

www.siriusgroup.com

Sirius International - Sirius Group€¦ · tail business. Sirius International is the largest...

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