Sirius International Insurance Group, Ltd. Closes on Floating Rate Callable Subordinated Notes Due 2047


Sirius International Insurance Group, Ltd. (“Sirius”) today announced that, through its indirectly wholly-owned subsidiary Sirius International Group, Ltd. has successfully closed on a Swedish Krona (“SEK”) 2.75 billion (approximately USD $340 million) Floating Rate Callable Subordinated Notes (“Notes”) offering. The Notes, which represent the largest SEK insurance hybrid issuance to date, have a contractual maturity of 30 years but are callable at par after five years and carry a floating rate of interest with a coupon of 3 month STIBOR +400 basis points (approximately 3.6% at execution).

The proceeds of the transaction will be used by Sirius International Group, Ltd. to redeem all of its existing Perpetual Non-Cumulative Preference Shares (“Preference Shares”) and for other general corporate purposes.

Commenting on the issuance, Allan Waters, President, CEO and Chairman of Sirius said: “This favorably priced transaction demonstrates Sirius’s ability to access capital globally due to our leadership position in the insurance market. During the past twelve months we have closed on over $740 million of financing from investors around the globe, including approximately $364 million to European based investors, approximately $265 million raised in Asia and approximately $112 million from U.S. investors. This enhances the quality of the capital on our balance sheet. This access to global markets is a strength which we expect to continue to leverage into the future.”

The Notes are rated BB+ by S&P and BB+ by Fitch. The Notes are expected to receive Tier 2 capital treatment under the Bermuda Monetary Authority’s solvency rules and will receive intermediate equity treatment from S&P as well as 100% credit in Fitch’s capital adequacy ratio.

Sirius Group is a Bermuda based holding company with (re)insurance operating companies in Bermuda, Stockholm, New York and London. Utilizing disciplined and professional underwriting, superior risk evaluation and best-in-class pricing technology, Sirius Group’s subsidiaries provide multi-line (re)insurance capacity in over 140 countries, including lead capacity for property, accident & health and other exposures. Additional information is available at Sirius Group's website located at

For additional information regarding this announcement, please contact Kip Oberting, Chief Financial Officer, Sirius International Insurance Group, Ltd. 603.277.3415. 

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