Loeb walks away from SiriusPoint deal

Billionaire investor Daniel Loeb has terminated acquisition talks with SiriusPoint. He had been in talks to buy a substantial stake in the re/insurer but was apparently unable to agree on the value of the business with a special committee from SiriusPoint.

The move leaves SiriusPoint charting its own path again for now. It stated it has “unanimous” confidence in its current strategy.

The special committee comprised all non-executive directors of the SiriusPoint board, and its management. It was led by its chief executive officer Scott Egan. “The committee and management team are committed to acting in the best interests of the company and all shareholders,” management said in a statement.

SiriusPoint acknowledged Loeb’s support for the company’s management team and strategy, but argued that the company has made significant progress during the last seven months to improve underwriting performance, reduce volatility and rebalance its investment portfolio towards high-quality fixed-income assets, which, it said, was evidenced by its strong first quarter results reported recently.

Loeb owns approximately 9.34% stake in the company and sits on SiriusPoint board of directors. He is the founder and CEO of the asset management firm Third Poin. He was the founder of Third Point Re and instrumental in the merger of the company with Sirius Group to create SiriusPoint in 2021.