SiriusPoint
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The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb. -
The affirmation follows an SEC filing by activist investor and Third Point Re founder Dan Loeb last week, in which he disclosed intentions to take the company private.
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Inside P&C’s news team runs you through the key highlights of the week.
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The billionaire’s mooted take-private will hinder CEO Egan’s efforts to steady the ship.
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Shares, which have long underperformed, were trading up 13% following the regulatory announcement.
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The revision reflects SiriusPoint’s improved underwriting performance under a revamped management team.
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SiriusPoint said the deal would allow Arcadian to “significantly scale” its business.
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Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
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The deal is the latest incidence of bumper transaction size in the legacy space.
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The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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The company posted its first net investment gain in a year, driven by $45.5mn of gains in its bonds portfolio and $26.4mn from short-term investments.
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