Billionaire Hedge Fund Manager Won’t Privatize SiriusPoint

Daniel Loeb, manager of Third Point, an employee-owned hedge fund with $15.9 billion of assets under management, has announced that he is no longer exploring a potential acquisition of SiriusPoint Ltd, a specialty insurer. Three years ago Loeb combined Third Point’s reinsurance business, Third Point Re, with Sirius International Insurance Group to form SiriusPoint Ltd. The company launched its operations with more than $3 billion in initial capital. Loeb owns nine percent of SiriusPoint’s stock. He had expressed interest in taking the company private in April, but there was no agreement reached on the price of the potential deal. According to a statement acknowledging that the deal had fallen through, SiriusPoint said it had made progress in improving underwriting performance, reducing volatility and rebalancing its investment portfolio toward high-quality fixed-income assets. Its shares fell after the announcement.