Sirius Insurance, CMIG's subsidiary, goes public on Nasdaq

  Sirius International Insurance Group, a leading global insurance group and subsidiary of China Minsheng Investment Group or CMIG, had its official listing ceremony at the Nasdaq Stock Market in New York on Friday.
  The listing represents another major milestone for the company following its acquisition by CMIG in 2016 and the expansion of its business with CMIG's support.
  Several institutional investors, including such global market leaders as Carlyle Group, Bain Capital, Centerbridge Partners, and Gallatin Point Capital, were among the investors participating in the listing.
  Their investment in Sirius reflected strong recognition of Sirius Group in international capital markets.
  Allan Waters, CEO of Sirius Insurance, said he was grateful to CMIG for its strong support of Sirius' business growth over the past two years.
  "CMIG has created many good development opportunities for Sirius and helped Sirius achieve its dream of going public," Waters said.
  Now that the Sirius Group has gone public, CMIG has helped to bring in three additional independent directors to further strengthen the company's corporate governance structure. With the new additions, more than half of Sirius Group's directors will be independent directors.
  The three new directors all have extensive experience in several financial services fields.
  Investor Jim Rogers, well-known for his keen insight into macroeconomic trends and economic cycles, is expected to help Sirius Group solidify its management capabilities and market value.
  Rachelle Keller, who has held top positions at Citi, JP Morgan Chase and Fidelity Investments, has extensive experience in cost control, operations management and performance evaluation and will help make the company's middle- and back-office management more effective.
  Alain Karaoglan, who was chief operating officer and executive vice-president for Voya Financial Inc, has more than 30 years of financial and insurance sector experience and is expected to give Sirius Group greater insight into the global insurance market.
  Kevin E. Lee, executive vice-chairman of CMIG, described CMIG's role as that of a Sherpa accompanying Sirius Group on a "climb of Mount Everest," steadily boosting its strength and enabling it to reach new heights.
  In the future, Sirius Group will embrace global trends and aggressively incorporate innovation in its insurance technology strategy to reinforce its capabilities in this area.
  Expanding in China
  In the more than two years since CMIG completed the acquisition of Sirius Group on April 19, 2016, CMIG has fully supported and assisted in the integration and expansion of Sirius Group's insurance business and leveraged its strengths to build its influence in Asia   and especially in the Chinese market.
  In the process, Sirius Group has consolidated its existing product line with the acquisitions of leading insurance providers Armada Corp Capital and IMG, extending its business to accident and health.
  At the same time, the company has adjusted its global network by increasing Asia's share of the overall business while solidifying its base in the United States and Europe.
  Sirius Group established its representative office in China in August 2017 and set up its underwriting division in Lloyd's China in April 2018.
  It plans to partner with leading domestic insurers in China to explore the market and develop specialized insurance products, such as health insurance for Chinese students studying abroad and overseas travel insurance.
  It also intends to draw on its biggest strengths as a global reinsurance group, including its professional expertise, product portfolio and risk management capabilities, to introduce international insurance services to China and continue to bring new momentum to the   development of China's insurance sector.
  Founded in 1945, Sirius Group is a Bermuda-domiciled global reinsurance group with operations centers in Bermuda, Stockholm, New York and London.
  Offering a broad range of insurance and reinsurance services, including property and accident and health insurance in more than 140 countries, Sirius Group is widely recognized for its high underwriting standards, superior risk assessment capabilities and outstanding pricing technology.
  As a leading global investment group in China, CMIG was founded by 59 leading private companies in 2014 with registered capital of 50 billion yuan.

Executives of CMIG and Sirius attend the listing ceremony of Sirius International Insurance Group at the Nasdaq Stock Market in New York on Friday.Photos By Libby Greene / Nasdaq Inc