Sirius, Third Point Re shareholders votes clear path for merger in Q1

Shareholders of both Third Point Reinsurance and Sirius International Insurance Group have voted to approve all proposals required to complete their merger agreement.

The special general meetings of shareholders of both re/insurers were held on November 23, 2020.

The Third Point Re shareholders approved the issuance of Third Point Re common shares to Sirius Group shareholders and Daniel Loeb, to a number of amendments to its bye-laws  and to changing its name to SiriusPoint upon consummation of the transaction.

Third Point Re shareholders did not approve one proposal that would have amended the bye-laws that give some historical investors a veto over certain future bye-law amendments that could adversely affect them in the future. This proposal received an affirmative vote from a majority of all outstanding Third Point Re shares but did not meet the required threshold of 66.67 percent of all outstanding Third Point Re shares.

Third Point Re stressed this did not jeopardise the merger with Sirius.

Dan Malloy, chief executive officer at Third Point Re, said: “These approvals keep us on track to close the transaction in line with the previously announced target of the first quarter of 2021.”