Third Point’s Loeb no longer considering taking SiriusPoint private
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(Reuters) — Billionaire investor Daniel Loeb is no longer exploring a potential acquisition of SiriusPoint Ltd., according to a regulatory filing Friday, a month after disclosing his interest in taking the insurer private.
Mr. Loeb, who runs hedge fund Third Point, and SiriusPoint were unable to reach a consensus on the value of a potential deal, the filing said.
SiriusPoint in a statement Friday acknowledged the decision to conclude the acquisition talks and said it had made progress over the last seven months to improve underwriting performance, reduce volatility and rebalance its investment portfolio toward high-quality fixed-income assets.
The announcement in April about considering taking SiriusPoint private came less than three years after Mr. Loeb agreed to combine his hedge fund'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 on its turnaround strategy as a privately held company,” he had said in the regulatory filing last month.
