Sirius International Insurance Group, Ltd. announced it has expanded its strategic review and launched a formal process to sell the Company.
The Board of Directors of Sirius Group previously engaged Barclays Capital Inc. (“Barclays”) to assist in the review of the terms of a capital raise transaction as compared to other potential strategic alternatives for Sirius Group and delegated to a committee comprised of independent directors (“Strategic Review Committee”) the review of such strategic alternatives and to submit a recommendation for approval by Sirius Group’s Board of Directors.
After reviewing multiple expressions of interest with representatives of CM Bermuda Limited, Sirius Group’s majority shareholder, the Strategic Review Committee approved the launch of a formal sales process for Sirius Group.
The sales process for Sirius Group will be overseen by the Strategic Review Committee, as advised by Barclays, in collaboration with a Transaction Advisory Committee including representatives of CM Bermuda Limited and its advisors.
Kernan (Kip) V. Oberting, President and Chief Executive Officer of Sirius Group, 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.”
Peter W.H. Tan, Chairman of CM Bermuda Limited’s parent, CMIG International Holding Pte. Ltd., added, “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.”
Meyer S. Frucher, Chairman of the Board, commented, “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.”