Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 29 of 2021 (Cth)

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 29 of 2021

Financial Sector (Shareholdings) Act 1998

To: The persons in Schedule 1 (the Existing Approval Holders) and the persons named in Schedule 2 (the Applicants)

SINCE:

1. On 23 December 2020, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Sirius International Insurance Corporation ABN 26 764 933 0011, an authorised insurance company (SIIC), and related financial sector companies under the Act (the Existing Approval);

B. On 22 October 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C. On 22 October 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in SIIC and the related financial sector companies as set out in Schedule 3;

D. I am satisfied it is in the national interest to grant the approval.

I, Sharyn Reichstein, a delegate of the Treasurer:

(a) under subsection 18(3) of the Act, revoke the Existing Approval on and from 1 January 2022; and

(b) under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in SIIC and the related financial sector companies as set out in Schedule 3,

The approval commences on the day it is made and remains in force indefinitely. Date: 23 December 2021 [Signed] Sharyn Reichstein General Manager, Insurance Division

1 To be renamed SiriusPoint International Insurance Corporation. Interpretation

In this notice:

APRA means the Australian Prudential Regulation Authority. authorised insurance company has the meaning given in section 3 of the Act. financial sector company has the meaning given in section 3 of the Act. stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act. unacceptable shareholding situation has the meaning given in section 10 of the Act.