The parent of a SiriusPoint shareholder taken into private receivership

SiriusPoint has shared that CMIG International Holding Pte Ltd has been taken into private receivership by its lenders in Singapore. CMIH is the parent company of CM Bermuda, a 33% shareholder of SiriusPoint, with 9.9% voting rights.

The appointed receiver is the audit, accounting and tax firm, EisnerAmper who will be tasked with assessing relevant assets and determining future restructuring plans.

“The news of CMIH being taken into private receivership is a matter between its shareholders and lenders, and has no impact on the ongoing progress or day-to-day running of our business. Our focus at SiriusPoint remains on simplifying our business, reducing volatility and ultimately, continuing to build profitability. S&P Global Ratings has informed us that this development is a neutral factor to its ratings on our business and subsidiaries, and is unlikely to affect its assessment of SiriusPoint’s business position or financial strength.” – Scott Egan, CEO, SiriusPoint.

S&P Global Ratings revised SiriusPoint’s ratings outlook from ‘Negative’ to ‘Stable’ on November 9, 2023, reflecting its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025.” Mr. Egan said the revision recognized “the hard work of our people, their dedication and our collective effort to establish a stable platform.”