Third Point Re and Sirius Group to combineChristian Fernsby ▼ | August 11, 2020
Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd. announced they have entered into a definitive agreement for Third Point Re and Sirius Group to combine in a cash and stock transaction.
Sirius Group Third Point Reinsurance
Topics: Third Point Sirius Group
This combination joins two highly complementary businesses with a shared strategic vision to create a leading global company providing insurance and reinsurance solutions to clients and brokers located in almost 150 countries.
SiriusPoint will be a diversified company with an attractive business profile and a strong balance sheet.
Third Point Re will finance the transaction through a combination of cash-on-hand; Third Point Re equity issued to Sirius Group shareholders; Third Point Re equity issued to Daniel S. Loeb, CEO and Chief Investment Officer of Third Point LLC, and currently Third Point Re's largest individual shareholder, pursuant to an agreement to purchase approximately $50 million worth of SiriusPoint shares at closing; and if necessary, other debt or equity financing The transaction is expected to be accretive to earnings per share and return on equity in year one following the close. ■