The parent company of a minority shareholder in SiriusPoint Ltd has been taken into private receivership by its lenders in Singapore, the Bermudian-based global specialty insurer and reinsurer has announced.

SiriusPoint said CMIG International Holding Pte Ltd is the parent company of CM Bermuda, a 33 per cent shareholder of SiriusPoint, with 9.9 per cent voting rights.

It said the appointed receiver is the audit, accounting and tax firm EisnerAmper, which will be tasked with assessing relevant assets and determining future restructuring plans.

Scott Egan, CEO, SiriusPoint, said: “The news of CMIH being taken into private receivership is a matter between its shareholders and lenders and has no impact on the ongoing progress or day-to-day running of our business. Our focus at SiriusPoint remains on simplifying our business, reducing volatility and ultimately continuing to build profitability.

“S&P Global Ratings has informed us that this development is a neutral factor to its ratings on our business and subsidiaries, and is unlikely to affect its assessment of SiriusPoint’s business position or financial strength.”

S&P revised SiriusPoint’s ratings outlook from “negative” to “stable” last month, reflecting its “expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-25”.

Mr Egan said the revision recognised “the hard work of our people, their dedication and our collective effort to establish a stable platform”.