SiriusPoint

The upward revision reflected significantly increased industry expectations, it said.

The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.

The deal follows a $37mn reserve charge taken by Third Point Re just ahead of the closing of its merger with Sirius International in February.

The SiriusPoint-backed business will focus on complex risks, such as IPOs, life science and SPACs.

The business will be headed up by Tim Usher-Jones, a former Chubb D&O executive in the Canadian market.

SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.

The newly formed (re)insurer is to support the start-up led by AmTrust alumni.

Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.

The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.

The structure simplifies access to Sirius E&S capacity for brokers.

Sirius shareholders favour the deal but dissent on compensation proposal.

Loeb will lose rights including the ability to veto important company decisions and to select a board observer.