SiriusPoint
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary. -
Howden Tiger is advising the Bermudian as it seeks to realize value from its portfolio and simplify its story for investors.
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Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.
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Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show.
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Following the departure of Gretchen Hayes and the appointment of Masojada, SiriusPoint board will consist of nine directors, six of whom are independent.
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The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.
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The affirmation follows an SEC filing by activist investor and Third Point Re founder Dan Loeb last week, in which he disclosed intentions to take the company private.
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Shares, which have long underperformed, were trading up 13% following the regulatory announcement.
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The revision reflects SiriusPoint’s improved underwriting performance under a revamped management team.
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SiriusPoint said the deal would allow Arcadian to “significantly scale” its business.
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Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
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The deal is the latest incidence of bumper transaction size in the legacy space.
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