Sirius Group announces a formal process to sell the Company
Sirius International Insurance Group 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 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 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.
“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.” – Kernan (Kip) V. Oberting, President and Chief Executive Officer of Sirius Group.
“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.” – Peter W.H. Tan, Chairman of CM Bermuda Limited’s parent, CMIG International Holding.