Investor’s bid for SiriusPoint officially over

Hedge fund owner Daniel Loeb’s bid to take a bigger stake in specialty re/insurer SiriusPoint is officially over.

Loeb, who tried to increase his stake in the company and take the Bermuda-based company private earlier this year, has entered into a standstill agreement with SiriusPoint.

The agreement provides that Loeb will not, “subject to certain limited exceptions”, make a takeover or purchase proposal for the Company or acquire more than 9.5% of the outstanding shares of the Company or an amount of ownership requiring regulatory approval.

Loeb has also agreed not to “take any action in support of or make any proposal with respect to controlling, changing or influencing the Company’s management, business, capitalisation or corporate structure”.

SiriusPoint CEO Scott Egan said: “We welcome the standstill agreement as a strong signal of support for the progress we are making towards creating long term value in our business and for our shareholders.

“Our recent half year results were an important evidence point of our strategy and our progress so far, and we are focused on building on that momentum. I would like to take this opportunity to thank our employees, business partners, and customers for their continued support.”

Loeb, who founded Third Point Re which merged with Sirius to form SiriusPoint, has a 9.34% stake in the company and is the largest shareholder.