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Third Point Reinsurance Ltd. (TPRE) reported a significant increase in net income for Q4 2020, reaching $134.4 million or $1.43 per diluted share, compared to $29.7 million or $0.32 per share in Q4 2019. For the full year, net income available to shareholders was $143.5 million, down from $200.6 million in 2019. The combined ratio for Q4 stood at 123.0%, reflecting higher losses due to prior year reserve developments and catastrophe losses. The merger with Sirius Group is set to close on February 26, 2021, aiming to enhance operational efficiency and market presence.
On February 22, 2021, Third Point Reinsurance Ltd. (TPRE) announced key executive appointments ahead of its merger with Sirius International Insurance Group, expected to close around February 26. Dan Malloy will lead Global Distribution and Runoff, while David Govrin takes charge as Global Chief Underwriting Officer. Monica Cramér Manhem will oversee International Reinsurance. Ming Zhang continues as Chief Investment Officer, and Vievette M. Henry joins as Chief People Officer. The new leadership aims to strengthen SiriusPoint as a top 20 global reinsurer.
Third Point Reinsurance Ltd. (TPRE) has announced the release date for its Q4 and full year 2020 financial results, set for February 23, 2021, post-market closure. A conference call will follow on February 24, 2021, at 8:30 am ET, where the company will discuss these results. Interested parties can access the call via phone or through a simultaneous webcast on the company's website. A replay will be available shortly after the call until March 3, 2021.
Third Point Reinsurance Ltd. (NYSE: TPRE) announces a merger with Sirius International Insurance Group, Ltd., resulting in a name change to SiriusPoint Ltd. The merger is expected to close around February 26, 2021, contingent upon satisfying closing conditions. Following the completion of the merger, TPRE will change its ticker symbol to SPNT on the NYSE, effective the next trading day. Third Point Re underwrites specialty and property casualty business, having 'A-' (Excellent) ratings from AM Best for its subsidiaries.
Third Point Reinsurance Ltd. (NYSE: TPRE) announced the hiring of three senior executives to enhance its leadership ahead of the merger with Sirius International Insurance Group to form SiriusPoint Ltd. Tim Mardon joins as Global Head of Property Reinsurance, while Prashanth Gangu is appointed COO and President of Insurance and Services. Rachael Dugan will serve as General Counsel. The merger is anticipated to finalize around February 26, 2021, aiming to create a diversified company with a strong balance sheet and global reach in insurance and reinsurance solutions.
Third Point Reinsurance Ltd. (NYSE: TPRE) and Sirius International Insurance Group, Ltd. (Nasdaq: SG) have announced the election deadline for Sirius Group shareholders regarding the merger agreement set for February 26, 2021. Shareholders must submit their election by February 11, 2021, at 5:00 p.m. New York City time. Failure to elect will result in a default Share & CVR election. The companies remind that shareholders should follow specific instructions depending on how they hold their shares. This merger is expected to enhance both companies' market position.
On November 23, 2020, shareholders of Third Point Reinsurance (NYSE: TPRE) and Sirius International Insurance Group approved all proposals necessary to complete their merger as per the Agreement and Plan of Merger from August 6, 2020. CEO Dan Malloy expressed satisfaction with the approvals, which are expected to close in Q1 2021. Key proposals included issuance of shares to Sirius Group shareholders and a name change to SiriusPoint Ltd. The only proposal not approved was an amendment to the Bye-laws, which will not affect the merger or business operations.
Third Point Reinsurance Ltd. (NYSE: TPRE) announced that its Board of Directors recommends shareholders vote 'FOR' several proposals at the special general meeting on November 23, 2020. These include the merger with Sirius International Insurance Group, Ltd, and amendments to company bye-laws aimed at enhancing shareholder rights and governance. Key bye-law changes include clarifying procedures for submitting proposals, removing outdated rights for historical investors, and adjusting voting powers, which the Board believes will provide significant value to shareholders.
Third Point Reinsurance Ltd. (NYSE:TPRE) reported a net income of $68.7 million for Q3 2020, translating to $0.73 per diluted share, reversing a loss of $15.1 million in Q3 2019. However, net income for the nine months was $9.1 million, a steep decline from $170.9 million in the same period last year. The Q3 combined ratio surged to 119.9%, largely due to $29.6 million in catastrophe losses and $15.6 million attributed to COVID-19 impacts. The company anticipates market improvement and aims to finalize its merger with Sirius Group in Q1 2021, despite ongoing uncertainties from the pandemic.
Third Point Reinsurance Ltd. (NYSE: TPRE) will hold a special general meeting of shareholders on November 23, 2020 at 10 a.m. in Bermuda to vote on the proposed merger with Sirius International Insurance Group, Ltd. The merger, expected to close in the first quarter of 2021, hinges on shareholder and regulatory approvals. Shareholders on record as of October 1, 2020 are eligible to vote. Third Point Re encourages proxy voting due to COVID-19 safety protocols. A joint proxy statement outlining the Board's recommendations will be filed with the SEC.
