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The Bahraini carrier takes action following H1 losses and governance concerns.
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The executive joins after 15 years at the Fairfax-owned carrier.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering. -
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
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The group’s combined ratio improved by 9.5 points to 95.9%.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
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HDI Global Specialty drives premium growth in the division.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
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Third Point Re said the deal would also “turn the page” on its days as a hedge fund reinsurer.
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The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
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