Third Point Re and Sirius Group confirm merger

Third Point Re, a specialty reinsurer, and Sirius International Insurance Group, a global multi-line insurer and reinsurer, have had merger agreements approved by their respective shareholders.

First announced on 6 August, the combination of the firms was given the greenlight during a general meeting of shareholders held on 23 November.

The approved proposals include the issuance of Third Point Re common shares to Sirius shareholders and Daniel Loeb, and amendments to Third Point Re’s bye-laws.

Dan Malloy, CEO at Third Point Re, said: “We are very pleased that shareholders have approved the merger, the associated Dan Loeb equity issuance, and seven of eight of the proposed bye-law changes. 

“These approvals keep us on track to close the transaction in line with the previously announced target of the first quarter of 2021.”

The combined firm will go by the name of SiriusPoint upon consummation of the transaction, which is expected to occur in the first quarter of 2021.

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