SiriusPoint Ltd. on Friday appointed industry veteran Bronek Masojada as chairman of its board, with immediate effect.
Mr. Masojada replaces Sharon Ludlow, who had been acting as interim board chair since last May. Ms Ludlow will continue to serve as a non-executive director, the Bermuda-based insurer and reinsurer said.
Masojada, who retired as CEO of London-based Hiscox Ltd. 2021 after a nearly 30-year career with the company, joined SiriusPoint’s board on May 2.
SiriusPoint said last month it had reversed earlier plans to go private, saying it had made progress improving its underwriting and rebalancing its investment portfolio.
SiriusPoint last year announced various office closings and layoffs after reporting a net loss of $98 million for the third quarter of 2022 due to Hurricane Ian and investment losses.
The insurer on May 3 reported first-quarter net profit of $1
38.6 million, compared with a loss of $217 million a year earlier. Its total expense ratio improved to 80.5%, from 97.5% in the first quarter of 2022.Source link
