China Minsheng Investment’s (CMI) Singapore-based investment arm CM International Holding (CMIH) has completed the acquisition of Sirius International Insurance Group from Bermuda-based White Mountains Insurance Group, for around $2.5bn.
CMIH has acquired Sirius Group through its subsidiary CM Bermuda. White Mountains has used $160m to retain certain assets of Sirius Group and shares of OneBeacon.
Sirius Group offers property and casualty reinsurance and insurance services through its subsidiaries, comprising of Sirius International Insurance, Sirius America Insurance, Lloyd’s Syndicate 1945 and Sirius Bermuda Insurance.
The company also provides exit solutions for run-off companies and their portfolios through Sirius Global Solutions.
Sirius provides reinsurance services, including property including agriculture, accident and health, credit and bond, aerospace and marine and energy.
In addition, the company offers nsurance services, comprising of accident and health and travel insurance, aviation, contingency, marine and energy and property.
Sirius Group CEO Allan Waters said: "This opens a new and exciting chapter in Sirius’ long history. Under CMIH ownership we will see our financial strength and market opportunities multiply.
"Sirius is fortunate to have found such a quality partner. The Sirius management team and employees are excited about joining the CMIH family and the opportunity to maintain our long-held underwriting philosophies in the service of our customers."
CMI executive vice chairman Kevin EunHyung Lee said: "Sirius’ excellent market performance has proven through its business strategies, expertise and leadership the ability to deliver high quality solutions and consistency to their clients."
Image: CM Bermuda has acquired Sirius International Insurance Group. Photo: courtesy of adamr / FreeDigitalPhotos.net.