Speciality insurance and reinsurance company SiriusPoint has named Bronek Masojada as chair of its board of directors, effective immediately.

Joining the company’s board on 2 May 2023, Masojada has more than three decades of leadership experience in the insurance industry.

Masojada worked with speciality insurer and reinsurer Hiscox for nearly 30 years before retiring as Hiscox’s CEO in 2021.

He joined Hiscox as group managing director and was named CEO in 2000.

During his stint, Hiscox’s revenues rose from $500m to almost $5bn, from a single office in London to 34 worldwide.

He began his career at McKinsey & Company.

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He currently serves as chair of Placing Platform Limited, the London Market’s electronic placing platform.

Masojada said: “It is an honour to take on the role of chair at this pivotal stage of SiriusPoint’s development. The company has robust foundations, an established platform, and an experienced executive leadership team focused on driving performance and delivering results.”

He will replace Sharon Ludlow, who has been interim chair since May 2022.

Ludlow will continue to serve as a non-executive director and remains chair of the company’s audit committee.

Masojada added: “On behalf of the board and management team, I extend the company’s thanks to Sharon Ludlow. As interim chair, Sharon has guided the board through a challenging transitional year, led the appointment of a CEO who specialises in transformation and growth, and positioned SiriusPoint for future success.

“I look forward to continuing to work with Scott and his executive team, and Sharon and our fellow directors, to ensure that performance, stakeholder focus, and value creation remain central to the company.”

Ludlow said: “It has been an honour to serve as interim chair of the SiriusPoint board. Bronek and Scott have valuable and complementary leadership experience building businesses and teams, and driving strong performance and culture. I look forward to continuing to work with them, my director colleagues, and the executive management team, to support SiriusPoint as the company enters its next stage of development and growth.”

In a separate development, hedge fund manager Daniel Loeb ditched his plan to take SiriusPoint private over a disagreement regarding valuation. 

Loeb expressed confidence in SiriusPoint’s management team, saying the company is carrying out the essential measures needed to bolster its balance sheet and credit ratings.

He also supported the management’s application of a fixed income and hedging programme, stating that it can offer investment returns higher than the industry average, without assuming surplus risk.