SiriusPoint: “Current Strategy Is The Best Path”

May 13, 2023

SiriusPoint Ltd. said they “acknowledged the decision by Daniel Loeb and certain affiliates to conclude discussions regarding a potential transaction to acquire the Company.”

A spokesperson said, “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.”

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