(Reuters) — Billionaire investor Daniel Loeb is no longer exploring a potential acquisition of SiriusPoint Ltd., according to a regulatory filing on Friday, a month after he revealed his interest in taking the insurer private.
Loeb, who runs hedge fund Third Point, and SiriusPoint could not reach a consensus on the value of a potential deal, the filing said.
SiriusPoint acknowledged in a statement Friday the decision to end acquisition talks, saying it had made progress over the past seven months to improve underwriting performance, reduce volatility and rebalance its investment portfolio toward high-quality fixed income assets.
The announcement in April to consider taking SiriusPoint private came less than three years after Loeb agreed to combine his hedge fund̵7;s reinsurance business, Third Point Re, with rival Sirius International Insurance Group to form the global specialty insurer.
SiriusPoint “may be best positioned to execute its turnaround strategy as a privately held company,” he said in the agency’s filing last month.