SiriusPoint names former RSA boss Egan as CEO
Scott Egan has held senior positions at a number of companies and has 25 years of industry experience
Industry veteran will take the helm during a period of upheaval at the Bermudian re/insurer
Bermudian re/insurance SiriusPoint has named industry veteran Scott Egan as its next chief executive.
Egan, who joins the company later this month, stepped down as chief executive of the UK and international business of RSA in February after three years in the post.
An industry executive with more than 25 years’ experience, Egan has held senior positions at a number of companies including Aviva, Zurich Insurance, Brit Insurance and Towergate Broking. He served on the board of RSA Group for six years, initially as chief financial officer.
Egan joins SiriusPoint during a period of upheaval at the re/insurer with a number of senior executives departing.
Chairman and chief executive Sid Sankaran exited the business in May, followed by chief operating officer Prashanth Gangu.
Following Sankaran’s departure, Dan Malloy was named interim chief executive and Sharon Ludlow was appointed interim chair of the board of directors.
In June, S&P Global Ratings placed SiriusPoint’s ratings on credit watch with negative implications.
The rating agency said it could lower all its ratings on the company by one notch if the group fails to improve its operating performance and execute its strategy to reduce its catastrophe exposure and increase the weight of insurance business.
S&P expects SiriusPoint to post a combined ratio below breakeven in 2022 and then more in line with it peers at 97% to 99% in 2023.
Ludlow said the board had conducted a rigorous search for a new chief executive. “Scott’s leadership qualities and experience are well-suited to SiriusPoint and the opportunities ahead,” she said.
Egan said: “I am excited to join SiriusPoint at this key stage in the company's transformation. I look forward to working closely with the executive team and colleagues across the business to help SiriusPoint achieve its potential to become a best in-class operator.”
