Program business insurer Sirius America in New York announced yesterday that the firm will be renamed Delos Insurance Group, following the completion of its acquisition by an investor group led by Lightyear Capital.
The company said it will conduct all operations under the Delos brand when regulatory approval is complete.
With the ownership change, the insurer said it is receiving an infusion of additional capital, bringing the company's surplus to $200 million, thus enabling it to expand its operations and write larger, multistate programs across a wide variety of exposures, including casualty, general liability, automobile liability, commercial and residential property.
"We are very pleased to have Lightyear Capital, Lehman Brothers Merchant Banking, White Mountains and AlpInvest Partners as our financial partners," said Detlef Steiner, chairman of Delos.
Mr. Steiner, former chief executive of Clarendon Insurance Group, said the investors are supporting a growth plan that the firm has already begun executing.
The insurer explained that it will be leveraging its underwriting expertise, world-class actuarial capabilities, as well as its long-term, stable relationships with high-quality managing general agents to write and service programs of varying scopes and sizes.
CEO Bill Davis said, "We rely on the experience and expertise of MGAs to identify and bring us new opportunities, and we provide the responsive service and diligence to ensure profitability of the business in changing market environments."
The company said the effectiveness of this strategy is shown by work on new programs that would add $125 million worth of premium to Delos' book of business. Delos said under the leadership of Chief Administrative Officer Mary Sbaschnig the company is committed to making significant technology infrastructure improvements to facilitate its MGA relationships, including implementation of a new, more agent-friendly data interface to streamline operations.
Mr. Steiner added that the company believes strongly in program business and is "committed to an outsourcing model that reduces costs through the smart, disciplined use of third-party service providers."
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