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Former AIG CEO joined Bermuda Insurance Group



Bermuda-based insurance and reinsurance groups Third Point Reinsurance Ltd. and Sirius International Insurance Group Ltd. has agreed to merge into a deal valued at $ 788 million.

The merged company SiriusPoint Ltd. will have about $ 3.3 billion in capital and will be led by Sid Sankaran, a former chief financial officer of American International Group Inc., according to a statement announcing the merger late Thursday.

Third Point was founded in 2011 by hedge fund manager Daniel Loeb and was managed for the first five years by longtime reinsurance manager John Berger. In 2017, Robert Bredahl was appointed CEO; he resigned last year and joined the reinsurance agency TigerRisk Partners LLC. He was replaced by Daniel Malloy. Mr Malloy "will remain a senior head of insurance for SiriusPoint," the statement said.

Sirius is an insurer and reinsurer that was originally based in Sweden. White Mountains Insurance Co. Ltd. bought the company in 2004 and sold it to a unit in Shanghai-based China Minsheng Investment Group in 201

5. Earlier this year, Sirius was downgraded to A- from A by Oldwick, New Jersey-based rating agency AM Best Co. Inc., which cited restrictions on the insurer and reinsurer of its Chinese parent company.

Third Point Re will fund the deal through a combination of cash; Third point equity issued to Sirius shareholders; Third Point capital issued to Loeb, which will buy about $ 50 million in Sirius shares; and "if necessary" other debt or equity financing, the statement said.

China Minsheng will receive $ 100 million in cash and approximately 58 million third point shares in addition to preference shares, warrants and other securities.

Mr. Sankaran, who will be the chairman and CEO of the merged company, left AIG in 2018 and has been on Third Point Re's board since 2019.

Kip Oberting, President and CEO of Sirius, will resign when the transaction closes. Steven Fass, Third Point Re's former senior independent director and former CEO of Sirius, will be Vice President of SiriusPoint.


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