Third Point’s Loeb looking to take SiriusPoint privatePosted On: Apr. 12, 2023 9:40 AM CST
(Reuters) — Activist investor Daniel Loeb is looking to take Bermuda-based insurer and reinsurer SiriusPoint Ltd. private, the founder of hedge fund Third Point Reinsurance Ltd. said in a regulatory filing, sending the shares of the company up 13% in early trading on Wednesday.
The billionaire investor, who owns a 9.34% stake, said while he has “full confidence” in the company’s plan to strengthen its balance sheet by de-risking its investment portfolio, it will be better positioned for a turnaround as a privately held company.
The potential deal for the $1.4 billion company comes as the insurance sector is seeing increased interest from fund managers and private equity firms as they shift toward defensive business models that do better during economic uncertainties.