SiriusPoint board will “carefully evaluate” any takeover offer

SiriusPoint board will “carefully evaluate” any takeover offer | Insurance Business America

Insurance News

SiriusPoint board will “carefully evaluate” any takeover offer

Statement comes amid notable interest

Insurance News

By
Terry Gangcuangco

Hedge fund Third Point LLC is interested in potentially snapping up SiriusPoint, the board of which will thoroughly consider any such proposal.

SiriusPoint, which reported a $402.8 million net loss available to common shareholders for 2022, came to life in 2021 as a result of the merger between specialty reinsurer Third Point Reinsurance and multi-line (re)insurer Sirius International Insurance Group.

The business is currently led by RSA alumnus and chief executive Scott Egan, under whose leadership SiriusPoint announced office closures in late 2022.

Now, in a recent pronouncement, SiriusPoint said: “SiriusPoint Ltd. has acknowledged an indication of interest from Third Point LLC and certain of its affiliates… to explore a potential acquisition of all, or substantially all, of the outstanding common shares of the company.

“Consistent with its fiduciary duties, in consultation with its financial and legal advisors, the SiriusPoint board of directors will carefully evaluate any proposal to acquire the company, if and when a proposal is received.”

SiriusPoint added that dialogue with its investors is “always welcome”.

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