Sirius Group Announces Confirmation of Meyer (Sandy) Frucher as Non-Executive Chairman of the Board
- Sirius Group's Board is comprised of a majority of independent directors (with one director affiliated with CMIG International Holding Pte. Ltd.)
- Independence of Sirius Group's Board is bolstered by shareholders agreement with cornerstone investors in Sirius Group's Series B preference shares
HAMILTON, Bermuda, Nov. 18, 2019 /PRNewswire/ -- Sirius International Insurance Group, Ltd. (Nasdaq: SG) ("Sirius Group" or the "Company"), a global multi-line insurance and reinsurance group, announced that its Board of Directors confirmed Mr. Meyer (Sandy) Frucher as Non-Executive Chairman of the Board of Directors of the Company (the "Board"). Mr. Frucher was previously appointed as an interim Non-Executive Chairman of the Board.
Mr. Kernan V. (Kip) Oberting, Sirius Group's President and Chief Executive Officer said: "I am pleased that Sandy has been confirmed as Non-Executive Chairman for the benefit of Sirius Group. Our majority independent Board and key governance protections embedded in our shareholders agreement continue to help insulate Sirius Group from issues related to our largest shareholder."
Mr. Frucher added: "Sirius Group's strength resides in our people and global platform to position the Company to grow and achieve its full potential."
About Sirius Group
Sirius Group, with $2.6 billion of total capital and roots dating back to 1945, is a global multi-line (re)insurer headquartered in Bermuda with a unique global branch network, including offices in Stockholm, New York and London. Sirius Group's success over the years has come from working with honest, capable partners. Sirius Group provides a fully diversified set of tailored risk products to clients in approximately 150 countries, including health and travel products to consumers through its two managing general underwriters, ArmadaCorp Capital, LLC and International Medical Group Acquisition, Inc. Sirius Group has been publicly traded since November 2018. You can learn more by visiting www.siriusgroup.com.
Cautionary Note Regarding Forward-Looking Statements
We have made statements in this press release that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, including statements about the future growth and performance of Sirius Group. You can identify forward-looking statements by the use of forward-looking terminology such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "target," "continue," "could," "may," "might," "will," "possible," "potential," "predict," "should," "would," "seeks," "likely," and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of Sirius Group and speak only as of the date of this document. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, Sirius Group's exposure to unpredictable catastrophic and casualty events and unexpected accumulations of attritional losses; increased competition from existing insurers and reinsurers and from alternative capital providers, such as insurance-linked funds and collateralized special purpose insurers; decreased demand for Sirius Group's insurance or reinsurance products, consolidation and cyclical changes in the insurance and reinsurance industry; the inherent uncertainty of estimating loss and loss adjustment expenses reserves, including asbestos and environmental reserves, and the possibility that such reserves may be inadequate to cover Sirius Group's ultimate liability for losses; a decline in Sirius Group's operating subsidiaries' ratings with rating agencies; the exposure of Sirius Group's investments to interest rate, credit, equity risks and market volatility, which may limit Sirius Group's net income and may affect the adequacy of its capital and liquidity; the impact of various risks associated with transacting business in foreign countries, including foreign currency exchange-rate risk and political risks on investments in, and revenues from, Sirius Group's operations outside the U.S.; the possibility that Sirius Group may become subject to additional onerous governmental or regulatory requirements or fail to comply with applicable regulatory and solvency requirements; Sirius Group's significant deferred tax assets may become materially impaired as a result of insufficient taxable income or a reduction in applicable corporate tax rates or other change in applicable tax law; a decrease in the fair value of Global A&H and/or Sirius Group's intangible assets may result in future impairments; the limited liquidity and trading of Sirius Group's securities; CMIG International Holding Pte. Ltd.'s status as a controlling shareholder, including its affiliates' liquidity issues; Sirius Group's status as a publicly traded company, foreign private issuer and controlled company; and other risks identified in Sirius Group's Annual Report on Form 10-K for the year ended December 31, 2018, subsequent Quarterly Reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by the management of Sirius Group prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this release.
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