SiriusPoint Ltd. (NYSE:SPNT) said it is restructuring its organizational framework into four divisions as part of what it described as the next stage in the company’s development.
The Bermuda-based specialty insurer will now operate through three global profit-and-loss segments—Global P&C Programs, Global Reinsurance and Global Accident & Health—alongside a London Market Specialty division that will include its Lloyd’s platform.
Under the new structure, the company will combine its North America Programs and International Programs operations into a single Global P&C Programs division. Patrick Charles will lead the unit as Global Head of P&C Programs.
Meanwhile, the London Market Specialty division will bring together the firm’s London-based Casualty, Energy, Property and Marine businesses. David Govrin will oversee the division as President while continuing in his current role as CEO of Global Reinsurance.
“These changes are a natural evolution of SiriusPoint as we build on the significant progress made over the past three years,” said Scott Egan, Chief Executive Officer, according to the company’s press release.
As part of the restructuring, Rob Gibbs will leave the company. The Global Reinsurance and Global Accident & Health segments will continue operating under the same leadership and structure.
SiriusPoint currently holds more than $3 billion in total capital and maintains financial strength ratings of A from Fitch, A- from AM Best and S&P, and A3 from Moody’s. The company operates offices in New York, London, Stockholm and several other locations.