The sale process has been launched after conducting a review of multiple expressions of interest with Sirius Group’s majority shareholder
Bermuda-based property and casualty insurer Sirius International Insurance Group (Sirius Group) announced that it has launched a formal process to sell the company, after conducting a strategic review.
Earlier, the board of Sirius Group had engaged Barclays Capital to assist in the review of the terms of capital raise transaction as compared to other potential strategic alternatives for the company.
It also authorised a Strategic Review Committee, consisting of independent directors, to review of strategic alternatives and to submit a recommendation for its approval.
The Strategic Review Committee has approved the launch of a formal sales process, after conducting a review of multiple expressions of interest with representatives Sirius Group’s majority shareholder, CM Bermuda.
The sales process will be overseen by the Strategic Review Committee.
Sirius Group President and CEO Kernan Oberting said: “I am pleased that we have secured CM Bermuda Limited’s commitment to launch a coordinated sales process to ensure the engagement necessary to facilitate an optimal outcome.”
CMIG International chairman Peter Tan said: “We appreciate the opportunity to work cooperatively and collaboratively with the management team and the Strategic Review Committee to achieve an optimal outcome for Sirius Group.
“The involvement of key stakeholders is critical to ensuring an orderly and successful outcome for any transaction.”
Sirius has given no assurance on striking a deal
Sirius also stated that no assurance can be given on whether a transaction will be entered into, or if entered into, the terms and conditions thereof.
The company also said that it does not intend to comment further publicly on the sale process unless a definitive transaction is entered into.
Sirius Group board chairman Meyer Frucher said: “Maintaining the strength of Sirius Group’s 75-year deep-rooted franchise and maximizing value for all stakeholders remains our number one priority.
“Our executive team supported by Sirius Group’s talented and dedicated employees will continue operations as usual, as we work with CM Bermuda Limited towards completing the strategic review process and announcing a transaction expeditiously.”
With $2.5bn of total capital and roots dating back to 1945, Sirius writes property and casualty reinsurance and insurance across the world through its affiliates.