Sirius International Insurance Group implemented its succession plan and elected Kernan Oberting to succeed Allan Waters as CEO and Ralph A. Salamone to succeed Oberting as CFO, effective February 9. In addition, Meyer Frucher, Chair of the Nominating & Governance Committee of the Board of Directors, was appointed as interim non-executive Chairman. Waters has stepped down as a director of Sirius Group effective February 9, and will stay on thereafter to provide advisory services to Oberting and other senior executives of Sirius Group. Prior to assuming the role of CEO of Sirius Group, Oberting served as President of Sirius Group since September 2018 and CFO since April 2016. Oberting has also served as President of Sirius Capital Markets since April 2016. Prior to assuming the role of CFO of Sirius Group, Salamone served as the President and CEO of Sirius Global Services, a position he has held since 2010. Salamone has also served as the Senior VP, CFO and Treasurer at Sirius America Insurance Company since 2012.
Citi starts Sirius with Neutral rating, $15 price target. Citi analyst James Naklicki last night initiated coverage of Sirius International Insurance Group with a Neutral rating and $15 price target. The bull case on Sirius' stock is risk/reward and M&A, Naklicki tells investors in a research note. However, the bear case is negative U.S. property catastrophe reinsurance pricing in 2019 will weigh on the shares and that liquidity in the stock is low, adds the analyst. With this backdrop he thinks a Neutral rating is warranted.