SiriusPoint Partner With Hestia Capital
SiriusPoint Ltd announced a partnership with Hestia Capital, the first since SiriusPoint launched in February 2021 as a top 20 global [re]insurer with over $3 billion in capital.
Hestia is a Texas-based advisory start-up established by industry executives Jean Francois Bahier and Peter Norris. The company will focus on sourcing and developing structured speciality insurance and reinsurance transactions and insurance-related investments in underserved or specialized markets. SiriusPoint has made an investment in the company and can provide [re]insurance paper and capacity for the new venture.
Dan Malloy, President, Global Distribution at SiriusPoint said: “Our partnership with Hestia expands SiriusPoint’s ability to access alternative markets.
“Hestia’s focus on the creation of new products to answer clients’ risk management and capital needs is a valuable service in the current market. We look forward to working with them on a pipeline of innovative projects, including the complementary healthcare product we have recently launched together in Poland.”
The company noted, “Bahier and Norris most recently headed up the Unique Risk Underwriting [URU] division at AmTrust Financial Services, building a highly profitable non-cat exposed diversified book of structured insurance and reinsurance deals.
“Both worked at AmTrust from 2009, Bahier, as president of the URU and Norris as a London-based underwriter of the division. The pair joined AmTrust from the Imagine Group.”
Bahier said: “I am pleased to announce the establishment of Hestia in Texas and delighted to have SiriusPoint as a partner. We look forward to working with the entrepreneurial and innovative SiriusPoint team helping them to create risk management solutions for their clients.”
Norris added: “Our relationship with SiriusPoint solidifies our participation in the [re]insurance market. We will shortly announce a partnership on the alternative asset side of our business”
International law firm McDermott Will & Emery represented SiriusPoint in this transaction. Hestia has said it aims to open additional offices in Europe as its operations grow.”
