Acknowledges Dan Loeb’s Decision to Conclude Transaction Discussions
HAMILTON, Bermuda, May 12, 2023 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today acknowledged the decision by Daniel Loeb and certain affiliates to conclude discussions regarding a potential transaction to acquire the Company. Following public disclosure of Mr. Loeb’s interest in acquiring SiriusPoint on April 12, 2023, the Board formed a Special Committee, which included all non-executive directors of the Board excluding Mr. Loeb (the “Committee”), to consider any acquisition proposals made by Mr. Loeb. The Committee issued the following statement:
The Committee and management team are committed to acting in the best interests of the Company and all shareholders. To that end, the Committee, in consultation with its independent financial and legal advisors, engaged in exploratory discussions with Mr. Loeb regarding a potential transaction. Ultimately, the Committee was unanimous in its belief that its current strategy is the best path to deliver enhanced long-term value for shareholders.
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. This was evidenced by its strong first quarter results reported on May 3, 2023.
SiriusPoint acknowledges Mr. Loeb’s support for the Company’s management team and strategy.
Jefferies LLC acted as financial advisor to the Special Committee and Wilson, Sonsini, Goodrich, & Rosati LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to the Special Committee.
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com.
We make statements in this press release and may make related oral statements that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2022. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this press release.
Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer
+44 7514 659 918
Clare Kerrigan – Chief Communications Officer
+ 44 7720 163 949
Steve Frankel / Adam Pollack
Joele Frank, Wilkinson Brimmer Katcher