SiriusPoint
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Sirius shareholders favour the deal but dissent on compensation proposal.
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Loeb will lose rights including the ability to veto important company decisions and to select a board observer. -
The hedge fund reinsurer offered to merge with Sirius in May 2018, before the company’s listing on the Nasdaq exchange.
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The work finalises a restructure spearheaded by former Travelers executive Beth Boucher.
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
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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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Fitch retained its negative outlook on Sirius, noting the carrier’s “operating performance deterioration in recent years” and exposure to Covid-19 losses.
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The share price of majority China Minsheng-owned Sirius also surged 40%.
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The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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