Daniel Loeb, the founder of hedge fund Third Point Reinsurance Ltd, is looking to take Bermuda-based insurer and reinsurer, SiriusPoint, private, reported Reuters.
This was stated by the activist investor in a regulatory filing.
Go deeper with GlobalData
This move comes in less than three years after the investor agreed to combine his hedge fund’s reinsurance business with competitor Sirius International Insurance Group to create a specialty insurer.
In 2020, this cash and stock deal was announced at a time when insurers had seen a wave of several claims due to the Covid-19 pandemic.
Loeb had then said that the merger would provide scope for internal growth and acquisition.
In 2021, this deal was finalised.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHowever, Third Point founder Daniel Loeb now said in a regulatory filing that SiriusPoint “may be best positioned to execute on its turnaround strategy as a privately held company while continuing to strengthen its financial position, enhance its credit ratings, and adhere to the highest regulatory standards.”
“As a result, (Loeb) has determined to explore a potential acquisition of all or substantially all of the outstanding Common Shares of the Issuer,” the filing stated.
The regulatory filing, however, did not specify details on a price or timeline for a transaction.
Loeb, who holds a stake of 9.34% worth $.14bn in SiriusPoint, is the second largest investor following China Minsheng Investment Group, which had a 33.75% interest in March 2022.
