Third Point boss scraps Sirius take-private plans
Daniel Loeb, the founder of hedge fund Third Point Capital, has scrapped plans to acquire global speciality insurers SiriusPoint Ltd according to a report by Reuters citing a regulatory filing made on Friday.
Shares of the insurer fell 9.3% to $9.03 in morning trading on Thursday after news emerged that Third Point and SiriusPoint had failed to agree a value for the deal.
In a statement released on Friday, SiriusPoint that acquisition talks had ended but also said it had made progress over the last seven months to improve its underwriting performance, reduce volatility and rebalance its investment portfolio towards high-quality fixed-income assets.
Third Point interest in taking SiriusPoint private came less than three years after the company was formed when Loeb combined his hedge fund's reinsurance business, Third Point Re, with rival Sirius International Insurance Group.