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Third Point’s Dan Loeb mulls taking SiriusPoint private

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Daniel Loeb, founder and CEO of event driven hedge fund Third Point, is considering taking SiriusPoint private – less than three years after he agreed to combine his hedge fund’s reinsurance business, Third Point Re, with rival Sirius International Insurance Group to form the global specialty insurer, according to a report by Reuters.

The billionaire investor is reportedly exploring options to take the specialty re/insurer SiriusPoint private to help boost the company’s financial position and better execute on its turnaround strategy.

According to Reinsurance News, Loeb holds a 9.34% stake in SiriusPoint, having previously overseen the merger of his reinsurance unit, Third Point Re, with international multi-line re/insurer Sirius Group in February 2021.

Valued at around $1.4 billion, this stake makes Loeb the second largest investor in SiriusPoint after China Minsheng Investment Group, which owned a 33.75% stake as of March 2022.

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