SiriusPoint

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.

The hedge fund reinsurer offered to merge with Sirius in May 2018, before the company’s listing on the Nasdaq exchange.

The work finalises a restructure spearheaded by former Travelers executive Beth Boucher.

The move follows Third Point’s $788mn takeover agreement for the (re)insurer.

Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.

The group’s combined ratio improved by 9.5 points to 95.9%.