Siriuspoint Ltd. · NYSE:SPNT
Siriuspoint — IPO Roadshow (June 2021)
21 slides from Siriuspoint's IPO roadshow presentation, Jun 24, 2021
Slide 1: SiriusPoint Ltd. Roadshow - Series B Preference Shares
JUNE 2021 siriuspt.com SiriusPoint Ltd. Roadshow - Series B Preference Shares
Slide 2: Key Transaction Terms
KEY TRANSACTION TERMS
Slide 3: Key Terms of Series B Preference Shares
KEY TERMS OF SERIES B PREFERENCE SHARES Issuer SiriusPoint Ltd. Exchange NYSE (expected listing) Security Series B Preference Shares Security Ratings Standard & Poor’s BB+ (stable) / Fitch BB+ (stable) Offering Format SEC Registered Dividend 8.000% until February 26, 2026 (First Reset Date), Resetti
Slide 4: Company Information
COMPANY INFORMATION
Slide 5: Disclaimer
DISCLAIMER For informational purposes only 5 Forward- Looking Statements We make statements in this report that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, including statements related to our intent
Slide 6: Launch of SiriusPoint
For informational purposes only Management Team with Diverse Experience Stabilize Underwriting Portfolio with Improved Returns Expand and Invest in Higher Margin Business Lines Combine Capital Markets Expertise with Platform to Drive Value via Strategic Partnerships Be a Leader and Invest In Innovat
Slide 7: Executive Leadership Team
For informational purposes only EXECUTIVE LEADERSHIP TEAM 7 Sid Sankaran Chief Executive Officer and Chairman David Junius Chief Financial Officer Monica Cramér Manhem President, International Reinsurance David Govrin Global Chief Underwriting Officer and President, Americas Reinsurance Rachael Duga
Slide 8: Deal Thesis Is Unchanged From Announcement; Ratings Overview
For informational purposes only 8 DEAL THESIS IS UNCHANGED FROM ANNOUNCEMENT RATINGS OVERVIEW AM Best Rating Overview S&P Comments “Building on [Sirius Group’s] brand reputation and established long-term relationships, we expect the combined entity SiriusPoint will be able to take advantage of the h
Slide 9: Business Segments
For informational purposes only BUSINESS SEGMENTS 9 Accident & Health Insurance and Reinsurance Underwriting A&H insurance, as well as medical, travel and personal accident reinsurance International Medical Group, Inc. (“IMG”) full-service global health and travel insurance, and assistance Armada Co
Slide 10: Investments
For informational purposes only 10 INVESTMENTS SiriusPoint Investment Portfolio (1Q 2021) 40% 35% 25% 40% Fixed Income and Cash & Cash Equivalent 35% Collateral Assets 25% Risk Assets o Total return investment strategy o Investment portfolio heavily weighted towards traditional fixed income, cash, a
Slide 11: Three Pillars of Our Strategic Plan
For informational purposes only THREE PILLARS OF OUR STRATEGIC PLAN 11 FOCUS AND STABILIZE • Optimize underwriting returns with reduced volatility (e.g., portfolio capital allocation by product (e.g. cat PML), grow non-cat lines) • Perform full underwriting and operations review • Stabilize technolo
Slide 12: 1Q 2021 Financial Update
1Q 2021 FINANCIAL UPDATE
Slide 13: 1Q 2021 Financial Results: Key Performance Indicators
For informational purposes only 13 1Q 2021 FINANCIAL RESULTS KEY PERFORMANCE INDICATORS (“KPIs”) 1. Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are non-GAAP financial measures. See Appendix for reconciliation
Slide 14: 1Q 2021 Consolidated Income Statement
For informational purposes only 1Q 2021 CONSOLIDATED INCOME STATEMENT 14 Net Underwriting Results o Includes 1 month of Sirius Group results (March) • Net income of $131m; Combined ratio of 96.6% • $5.7m in cat losses (winter storm Uri), an impact of 2.2% on the combined ratio. $40m including 3 mont
Slide 15: 1Q 2021 Segment Results
1Q 2021 SEGMENT RESULTS For informational purposes only 15 General o Launching 4 segments: A&H, Specialty, Property and Runoff A&H o Strong results in the primary, reinsurance and Armada segments. IMG negatively impacted by pandemic, expecting recovery in 2H21 Specialty o Higher loss picks on long-t
Slide 16: 1Q 2021 Consolidated Balance Sheet
For informational purposes only 16 1Q 2021 CONSOLIDATED BALANCE SHEET Intangible Assets o $174m of intangibles established following the acquisition made up of Distribution and MG/MGU relationships, and Lloyds capacity. $400m Sirius Group goodwill for IMG and Armada written off in purchase accountin
Slide 17: SiriusPoint Ltd. Issued Capital Instruments
For informational purposes only SIRIUSPOINT LTD. ISSUED CAPITAL INSTRUMENTS as of March 31, 2021 Instrument Number Outstanding (mm) Face Amount (mm) Maturity Rating Listing Notes Basic common shares 1581 --- NYSE - ticker SPNT CM Bermuda currently holds 34% of common shares with 9.9% voting cap. Loc
Slide 18: SiriusPoint
SIRIUS POINT
Slide 19: Non-GAAP Financial Measures
For informational purposes only 19 NON-GAAP FINANCIAL MEASURES We have included certain financial measures that are not calculated under standards or rules that comprise U.S. GAAP. Such measures, including basic book value per share, tangible basic book value per share, diluted book value per share
Slide 20: Non-GAAP Financial Measures
For informational purposes only 20 NON-GAAP FINANCIAL MEASURES Basic book value per share, as presented, is a non-GAAP financial measure and is calculated by dividing common shareholders’ equity attributable to SiriusPoint common shareholders by the number of common shares outstanding, excluding the
Slide 21: Thank You
For informational purposes only THANK YOU