SiriusPoint and Dan Loeb Enter Standstill Agreement
09 Agosto 2023 - 3:15PM
SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), a
global specialty insurer and reinsurer, has entered into a
standstill agreement (the “Agreement”) with Mr Daniel S. Loeb. The
entry by the parties into the Agreement follows the conclusion of
exploratory discussions related to a potential acquisition of the
Company by Mr Loeb.
The Agreement provides that Mr Loeb will not, subject to certain
limited exceptions, make a take-over or purchase proposal for the
Company or acquire more than 9.5% of the outstanding shares of the
Company or an amount of ownership requiring regulatory
approval. Further, the Agreement provides that Mr Loeb would
not take any action in support of or make any proposal with respect
to controlling, changing or influencing the Company’s management,
business, capitalization or corporate structure.
SiriusPoint CEO Scott Egan said: “We welcome the standstill
agreement as a strong signal of support for the progress we are
making towards creating long term value in our business and
for our shareholders. Our recent half year results were an
important evidence point of our strategy and our progress so far,
and we are focused on building on that momentum. I would like to
take this opportunity to thank our employees, business partners,
and customers for their continued support.”
About SiriusPoint 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 and Program Managers
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.
Forward-Looking Statements
We make statements in this press release 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.
Contacts
Investor RelationsDhruv Gahlaut,
SiriusPointdhruv.gahlaut@siriuspt.com +44 7514 659 918
MediaSarah Hills,
Rein4cesarah.hills@rein4ce.co.uk+44 7718882011
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