SiriusPoint Acknowledges Indication of Interest from Third Point

Rhea-AI Summary

SiriusPoint Ltd. (NYSE: SPNT) has acknowledged an interest from Third Point LLC regarding a potential acquisition of the company's outstanding Common Shares. The SiriusPoint Board of Directors will evaluate any acquisition proposals in line with its fiduciary duties. Over the past seven months, SiriusPoint has focused on reducing volatility, simplifying its business, and improving profitability, achieving significant progress in these areas. The company boasts a healthy balance sheet and capital position, bolstered by a recent Loss Portfolio Transfer transaction pending regulatory approval. Notably, Fitch recently upgraded SiriusPoint's Outlook to Stable from Negative. Shareholders are not required to take any action presently.

Positive

• Third Point LLC has expressed interest in acquiring all or substantially all outstanding shares.
• The Board of Directors is open to evaluating acquisition proposals, indicating potential strategic growth.
• SiriusPoint has made significant progress in reducing volatility and improving profitability over the past seven months.
• The company maintains a healthy balance sheet with $2.9 billion in total capital.
• Fitch has upgraded SiriusPoint’s Outlook to Stable from Negative, reflecting improved financial health.

Negative

• None.

HAMILTON, Bermuda, April 12, 2023 (GLOBE NEWSWIRE) -- Today SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT) has acknowledged an indication of interest from Third Point LLC and certain of its affiliates (“Third Point”), disclosed in a Schedule 13D/A filing earlier today, to explore a potential acquisition of all, or substantially all, of the outstanding Common Shares of the Company.      

Consistent with its fiduciary duties, in consultation with its financial and legal advisors, the SiriusPoint Board of Directors will carefully evaluate any proposal to acquire the Company, if and when a proposal is received.

The Company always welcomes dialogue with its investors and shares the common goal of maximizing value for all the Company’s shareholders. The Company has made significant progress during the last seven months against its strategic priorities of reducing volatility, business simplification, and improving profitability. The Company has a healthy balance sheet and its capital position has been further strengthened by the recently announced Loss Portfolio Transfer transaction, which is subject to regulatory approval, while ratings agency Fitch recently upgraded SirusPoint’s Outlook to Stable from Negative.

Shareholders are not required to take any action at this time.

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 within our Insurance & Services segment. With $2.9 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.

Contacts

Investor Relations
Dhruv Gahlaut, Chief Strategy Officer & Head of Investor Relations
dhruv.gahlaut@siriuspt.com
+44 7514 659 918

Media
Clare Kerrigan, Chief Communications Officer
clare.kerrigan@siriuspt.com
+44 7720 163 949

Source: SiriusPoint Ltd.

FAQ

What acquisition interest has SiriusPoint received?

SiriusPoint has received an indication of interest from Third Point LLC for a potential acquisition of its outstanding Common Shares.

What is the current status of SiriusPoint's evaluation of acquisition proposals?

The SiriusPoint Board of Directors will carefully evaluate any acquisition proposals in accordance with its fiduciary duties.

What progress has SiriusPoint made in its strategic priorities?

SiriusPoint has made significant progress in reducing volatility, simplifying its business, and improving profitability over the last seven months.

What is SiriusPoint's current capital position?

SiriusPoint has a healthy balance sheet, with total capital amounting to $2.9 billion.

How has Fitch rated SiriusPoint recently?

Fitch upgraded SiriusPoint’s Outlook to Stable from Negative, indicating improved financial health.