Since its modest beginnings sixty years ago, employing just four people, the Sirius Group has grown to become an international force, with a solvency capital of USD 1,300 million. Despite some dramatic changes, it has always retained a commitment to secure and sustainable growth as well as a keen understanding of the need to be flexible and to respond to the needs of the market.
1945 - Sirius Insurance Company founded
Sirius Insurance was established by the Johnson Group.
The share capital was SEK 2 million. By 1947, Sirius was active in marine, fire, burglary, guarantee, machinery and livestock insurance. The marine account provided the bulk of the premium income, totalling slightly more than SEK 3 million.
1948 - Sirius Moves into Reinsurance
The Articles of Association were extended to include reinsurance. Direct insurance would be written in Sweden and reinsurance both in Sweden and abroad.
1950s - Marine Expansion
In the mid-1950s, Sirius took over the Johnson Group's marine insurance. It rapidly built a Nordic marine insurance book of business based on the Johnson Line and Svea Shipping, as well as the ferry traffic in Öresund.
1960s - International Business Grows
During the 1960s, Sirius expanded its international operations, partly in response to increased competition in the Nordic market. Global insurance rates rose because of the shortage of capacity in the aftermath of Hurricane Betsy. By 1972 gross premium income had reached nearly SEK 118 million.
1970s - International Reinsurance Expansion drive
During the 1970s, the company grew rapidly as a reinsurer, partly through acquisition.
Återförsäkrings AB Atlas (Swedish Atlas) was bought in 1975. The same year, Sirius also opened Sirius Insurance Company (UK) Ltd. In 1977, Sirius Reinsurance Corporation was formed in New York, through an agreement with Constitution Re. In 1978, Sirius Rückversicherungs Service GmbH opened in Hamburg.
1985 to 1987 - Part of the ABB Group
In 1985, Nordstjernan sold Sirius to ASEA, the Västerås-based engineering group. During the fall of 1986, Sirius moved to new premises at Nybrokajen, enabling all Sirius employees in Sweden to share the same premises.
Premium volume had now reached SEK 1,470 million. ASEA, which was developing its financial services, increased Sirius' capital with a view to further growth.
In 1987, ASEA and Swiss BBC merged to form the global ABB Group. Sirius then became part of ABB Financial Services.
1994 to 1997 - Product Expansion in the London Market
In 1994, Sirius International established the present UK branch office. In 1997, the Group purchased most of the active portfolio of WASA (UK), and moved into offices at the London Underwriting Centre. This enabled the company to offer many new types of products. Most importantly it acquired a large Accident and Health book.
1997 - Zurich Office Opened
As Sirius International's expertise in Trade and Project insurance became well established, it opened an office in Zurich to bring it closer to the ABB Group - its biggest customer in this field.
1999 - Singapore Branch Opened and Acquisition of Kemper Europe Réassurances S.A.
Sirius International opened a reinsurance Branch Office in Singapore to write both reinsurance Treaty and Facultative business from the ASEAN countries, China, Hong Kong, Korea, Sri Lanka and Taiwan.
Sirius International acquired the Belgium-based Kemper Europe Réassurances S.A. from GE Reinsurance Corporation. The acquisition of Kemper Belgium, which offered reinsurance services primarily to European customers, allowed Sirius to expand beyond its base in the Nordic countries.
Kemper Europe was renamed Sirius Réassurances Belgium S.A.
All business from Kemper Re was transferred to Sirius Belgian Branch.
On April 16, 2004 White Mountains completed its acquisition of Sirius International Insurance Group.
After completion, an internal restructuring of White Mountains global reinsurance activities has been preformed. In this connection, White Mountains has transferred its direct ownership in Fund American Re to Sirius International. It has furthermore been decided that all future underwriting shall be conducted in the name of Sirius International.
Through a Transfer and Assumption Agreement between Fund American Reinsurance Co. and Sirius International the insurance portfolio of Fund American Re was transferred to Sirius International - effective 1 July 2005
Sirius International acquired Tryg Baltica International from Tryg Forsikring A/S. Following the aquisition Sirius placed the company in run-off whilst selective part of the acquired business was renewed in Sirius.
Sirius International opened a new office in Zurich to write a Global Aviation and Space reinsurance account.
Sirius International opened a new office in Copenhagen for the purpose of writing General Aviation direct insurance business from the Nordic- and Baltic regions.
White Mountains Re Bermuda is transformed into a branch office of Sirius International.