SiriusPoint chair and CEO resigns
SiriusPoint has announced that Siddhartha (Sid) Sankaran, chairman and chief executive officer (CEO), has resigned from the company to pursue other opportunities.
Daniel Malloy, former CEO of Third Point Re and former president of global distribution and services at the company, has been named interim CEO while its board initiates a search for a permanent successor to Sankaran. Malloy was also previously the CEO of Third Point Re.
SiriusPoint has appointed director Sharon Ludlow as interim chair. She is the former president and CEO of Swiss Re Canada and has served as a director of SiriusPoint since its inception in February 2021.
Both of these appointments are effective immediately, and Sankaran will be available as an advisor to the company after his departure to ensure a smooth transition.
SiriusPoint has also announced that Daniel Loeb, its largest individual shareholder, will join the board of directors. Loeb is the founder and CEO of the asset management firm Third Point. He was the founder of Third Point Re and instrumental in the merger of that company with Sirius Group to create SiriusPoint. Loeb, who has had board observer rights since SiriusPoint was established, will transfer those rights to Joshua Targoff, a partner at Third Point, who will be leaving the SiriusPoint board.
"SiriusPoint has significant strategic assets and a strong financial and operating model," Loeb said. "The company now needs to recruit an experienced CEO to focus on disciplined expense management, profitable underwriting and growth strategies, and supporting a prudent investment programme. I look forward to working with the board to ensure we execute on these goals and build value for SiriusPoint's shareholders."
Ludlow said: "The board and I would like to thank Sid for his work managing the integration of Third Point Re and Sirius Group, and for launching the company on a compelling strategic path. We wish him well. We are also very pleased that Dan Malloy has graciously agreed to rejoin the company on a short-term basis to assist with this transition."