Third Point's Loeb no longer considering taking insurer SiriusPoint private (updated)

SiriusPoint

12/05/2023 14:47

(Updates share movement in paragraph 3)
       May 12 (Reuters) - Billionaire investor Daniel Loeb is
no longer exploring a potential acquisition of SiriusPoint Ltd
 SPNT.N , according to a regulatory filing on Friday, a month
after disclosing his interest in taking the insurance firm
private. 
    Loeb and SiriusPoint were unable to reach a consensus on the
value of a potential deal, the filing said.
    The news sent shares of the insurance firm tumbling 9.4% to
$9.02 in early trading on Friday. The company had a market value
of $1.6 billion as of Thursday close.
    Loeb, who runs hedge fund Third Point, said he has "total
confidence" that SiriusPoint was undertaking the necessary steps
to position itself for long-term success by strengthening its
balance sheet and enhancing its credit ratings.
    The announcement in April about considering taking
SiriusPoint private came less than three years after Loeb agreed
to combine his hedge fund's reinsurance business, Third Point
Re, with rival Sirius International Insurance Group to form the
global specialty insurer.
    SiriusPoint "may be best positioned to execute on its
turnaround strategy as a privately held company," he had said in
the regulatory filing last month. 
    Loeb owns a 9.31% stake in SiriusPoint, according to the
filing.

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Sriraj Kalluvila)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))