SiriusPoint
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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. -
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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The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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Maddi Morris will be responsible for overseeing the growth and refinement of the insurer’s marine and energy liability account.
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Former CEO Monica Cramér Manhem is to retire after 38 years with the business and its predecessor.
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The transaction would have involved a partnership with Mosaic and a managing agent sale.
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