Transactions with related parties

12 Months Ended

Dec. 31, 2018

Transactions with related parties

Transactions with related parties

Note 21. Transactions with related parties

(Re)insurance contracts

In the normal course of business, Sirius Group enters into insurance and reinsurance contracts with certain of its insurance and MGU affiliates, or their subsidiaries. During the year ended December 31, 2018 and 2017, these contracts with related parties resulted in gross written premiums of $67.9 million and $3.5 million, respectively. During the year ended December 31, 2016, Sirius Group did not have any contracts with related parties that resulted in any gross written premiums.  As at December 31, 2018 and 2017, Sirius Group had total receivables due from related parties of $14.3 million and $10.4 million, respectively. At December 31, 2018, Sirius Group did not have any payables due to related parties.  At December 31, 2017, Sirius Group had total payables due to related parties of $0.5 million.

White Mountains Advisors

White Mountains Advisors (“WMA”), an indirect wholly-owned subsidiary of Sirius Group’s former parent, provided investment advisory and management services to Sirius Group and its subsidiaries under an Investment Advisory Services Agreement. During 2016, Sirius Group terminated this agreement. Sirius Group incurred $3.1 million of investment fees during 2016.

Other

On August 16, 2016, the Company announced that Meyer “Sandy” Frucher was added as an independent director to its board of directors. Mr. Frucher is Vice Chairman of Nasdaq, Inc. The Company is traded on the Nasdaq Global Select Market and has business transactions that are related to its listing on the exchange under the normal course of business. (See Note 3.)