News & InfoSirius America Changing Name to Delos Insurance Group and Expanding Operations Refocused Company Set to Energize Program Business NEW YORK--(BUSINESS WIRE)--Aug. 7, 2006--Program business insurer Sirius America today announced that, following the completion of its acquisition by an investor group led by Lightyear Capital, the company is being renamed Delos Insurance Group, and will conduct all operations under the Delos brand when regulatory approval is complete. The ownership change includes an infusion of additional capital that will bring the company's surplus to $200 million, enabling Delos to expand its operations and write larger, multi-state 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. "We are committed to making Delos a leader in program business and our investors are supporting an exciting growth plan that we have already begun executing." Steiner was formerly CEO of Clarendon Insurance Group. Delos will leverage 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. "Our MGAs are true partners and we will continue strengthening our relationships with them," 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 strategy is proving effective as evidenced by work on new programs that would add $125 million worth of premium to Delos' book of business. In addition, under leadership the of Mary Sbaschnig, Chief Administrative Officer, 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. "We are strong believers in program business and are committed to an outsourcing model that reduces costs through the smart, disciplined use of third-party service providers," Steiner added. "With fresh capital and the support of our financial and business partners, I'm confident we can bring a new energy to the sector." Contact: Delos Insurance Group Source: Delos Insurance Group |
