Insurer Sirius International Launches Formal Sale Process
(Bloomberg) -- Sirius International Insurance Group Ltd., the property and casualty insurer, is launching a formal sale process following a strategic review.
The Bermuda-based company decided to pursue a sale after reviewing multiple expressions of interest with its majority shareholder, China Minsheng Investment Group Corp., according to a statement Friday. The announcement confirmed a Bloomberg News report.
Barclays Plc is advising Sirius International’s board on the sale. The company said it had initially hired the bank to advise on the terms of a capital raise transaction.
Sirius International shares climbed 9% to $7.25 apiece at 9:35 a.m. in New York Friday, giving the company a market value of $836 million. It has total debt of $714.5 million, according to data compiled by Bloomberg.
Besides Minsheng, other shareholders in the company include private equity firms Bain Capital and Carlyle Group, the data show.
S&P Global Ratings put Sirius International on negative ratings watch this month on concerns that it wouldn’t be able to come to an agreement with Minsheng on the best path forward for the company.
Shanghai-based Minsheng bought Sirius International for $2.2 billion in 2015 from White Mountains Insurance Group.
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