Sirius International Insurance : Investor Presentation – Sirius Group and Third Point Re Merger

2

•

o

•

o

o

•

•

•

3

•

•

(1) Subject to +/- 5% collar.		4

•

•

•

•

•

•

5

•

•

•

•

•

•

•

•

Monica Cramér-Manhem		Tenure at Sirius: 33
President, Global Reinsurance
	Relevant Experience: 33
(Sirius)
Neal Wasserman		Tenure at Sirius: 19
President, Global Runoff Solutions
	Relevant Experience: 33
(Sirius)
Jan Onselius		Tenure at Sirius: 36
Chief Underwriting Officer, Global
	Relevant Experience: 36
Reinsurance (Sirius)
Warren Trace		Tenure at Sirius: 36
President, North America
	Relevant Experience: 41
Reinsurance (Sirius)
Stuart Liddell		Tenure at Sirius: 16
Global Head of Life, A&H (Sirius)		Relevant Experience: 29
Dan Wilson		Tenure at Sirius: 23
President, U.S. Specialty (Sirius)		Relevant Experience: 33

Dan Malloy		Tenure at TPRe: 8
TPRe CEO		Relevant Experience: 39
David Drury		Tenure at TPRe: 2
EVP, Global Head of Property
	Relevant Experience: 30
Catastrophe Reinsurance (TPRe)
Tracey Gibbons		Tenure at TPRe: 1
SVP, Underwriting (TPRe)		Relevant Experience: 34
David Govrin		Tenure at TPRe: 3
President (TPRe)		Relevant Experience: 30
Amanda Kasala		Tenure at TPRe: 7
SVP, Senior Underwriter, Bermuda
	Relevant Experience: 28
(TPRe)
Clare Himmer		Tenure at TPRe: 7
Marketing Director (TPRe)		Relevant Experience: 28

6

Earnings

drivers

Capital

drivers

• Offers opportunity to capitalize on hardening market
• Optimize business mix
• Continued outperformance on investment portfolio
• Diversified lines of business expected to create capital synergies
• Potential to further optimize combined cat portfolio

Accretive to EPS

Accretive to Return on Equity

Limited BV dilution

Modest TBV multiple required to breakeven

Anticipate less than 30% leverage at close

7

		•	
	•
			
			
	•	•	
	•	•	
			
	•	•	
			
	•	•	
			
	•	•
	•	•	
			
	•	•	
		
	•
		•
	•	•	
	•	•	

8

•

Other long-term	Cash
10.0%	5.6%

Short-term

28.4%

Fixed Income

51.9%

Equity Securities

4.1%

Total: $3.7bn

TPE and

Alternatives

26.0%

Fixed

Income and

Collateral 1

74.0%

Total: $6.1bn

(1) Includes cash and cash equivalents (including restricted cash).

9

Liège

Stockholm

London

Hamburg

Toronto

Glastonbury, CT

Cardiff

Zurich

New York, NY

San Francisco, CA

Berwyn, PA

Baltimore, MD

Indianapolis, IN

Bermuda

Miami, FL

HongKong

Singapore

Labuan

Sirius expands:

• Underwriting capabilities
• Geographic footprint

 Product offerings

Sydney

•		•
		•
•
		•
•
		•
•
	•
•

10

2Q'20 LTM GPW

Specialty &

Casualty

Runoff

4%

Accident &

Health

32%

Property 1	Casualty
36%	24%
	Specialty
	29%

		Retroactive
		reinsurance
Specialty		contracts
Property	16%

Property

35%

34%

Accident &

Health

2

& Casualty	30%
28%

Runoff & Other 3

6%

24%

$1.9bn$0.6bn

71%

29%

100%

(Re)insuranceInsurance

$2.5bn

78%22%

1. Includes Property cat. excess (re)insurance and Other Property.

(2) Includes Global (re)insurance (excluding Property cat. excess (re)insurance and Other Property)	11
and U.S. Specialty.

1. Includes Retroactive (re)insurance contracts.

$bn

1		$9.8
	2			$8.8
							$6.8
3			$5.5
							$5.4
4			$5.0
5			$3.4
							$3.2
SiriusPoint		$2.5

$14.5

1	$9.9

$9.1

$8.2

$7.7

$6.3

SiriusPoint6 $3.3

5 $2.9 $2.1

			$1.9
		5	$0.8
			$0.8
			$0.6

7

$1.9 $1.9 $1.7 $1.5

12

•

o o o o o

o

•

o

•

o o

13

•

o

•

o

o

o

o

•

•

•

o o

(1) Assumes all minority investors elect option 2

14

15

16