SiriusPoint Special Committee of Board Reiterates Unanimous Support for Company’s Strategy
12 Maio 2023 - 11:45AM
SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today
acknowledged the decision by Daniel Loeb and certain affiliates to
conclude discussions regarding a potential transaction to acquire
the Company. Following public disclosure of Mr. Loeb’s interest in
acquiring SiriusPoint on April 12, 2023, the Board formed a Special
Committee, which included all non-executive directors of the Board
excluding Mr. Loeb (the “Committee”), to consider any acquisition
proposals made by Mr. Loeb. The Committee issued the following
statement:
The Committee and management team are committed
to acting in the best interests of the Company and all
shareholders. To that end, the Committee, in consultation with its
independent financial and legal advisors, engaged in exploratory
discussions with Mr. Loeb regarding a potential transaction.
Ultimately, the Committee was unanimous in its belief that its
current strategy is the best path to deliver enhanced long-term
value for shareholders.
The Company has made significant progress during
the last seven months to improve underwriting performance, reduce
volatility and rebalance its investment portfolio towards
high-quality fixed-income assets. This was evidenced by its strong
first quarter results reported on May 3, 2023.
SiriusPoint acknowledges Mr. Loeb’s support for
the Company’s management team and strategy.
Jefferies LLC acted as financial advisor to the
Special Committee and Wilson, Sonsini, Goodrich, & Rosati LLP
and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal
advisors to the Special Committee.
About SiriusPoint
SiriusPoint is a global underwriter of insurance
and reinsurance providing solutions to clients and brokers around
the world. Bermuda-headquartered with offices in New York, London,
Stockholm and other locations, we are listed on the New York Stock
Exchange (SPNT). We have licenses to write Property & Casualty
and Accident & Health insurance and reinsurance globally. Our
offering and distribution capabilities are strengthened by a
portfolio of strategic partnerships with Managing General Agents
within our Insurance & Services segment. With over $3.0 billion
total capital, SiriusPoint’s operating companies have a financial
strength rating of A- (Excellent) from AM Best, S&P and Fitch.
For more information, please visit www.siriuspt.com.
Forward-Looking Statements
We make statements in this press release and may
make related oral statements that are forward-looking statements
within the meaning of the U.S. federal securities laws. We intend
these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in the U.S. Federal
securities laws. These statements involve risks and uncertainties
that could cause actual results to differ materially from those
contained in the forward-looking statements. These risks and
uncertainties include, but are not limited to, the impact of
general economic conditions and conditions affecting the insurance
and reinsurance industry; the adequacy of our reserves; fluctuation
in the results of operations; pandemic or other catastrophic event,
such as the ongoing COVID-19 outbreak; uncertainty of success in
investing in early-stage companies, such as the risk of loss of an
initial investment, highly variable returns on investments, delay
in receiving return on investment and difficulty in liquidating the
investment; the costs, expense and difficulties of the integration
of the operations of Third Point Reinsurance Ltd. and Sirius
International Insurance Group, Ltd.; our ability to assess
underwriting risk, trends in rates for property and casualty
insurance and reinsurance, competition, investment market and
investment income fluctuations; trends in insured and paid losses;
regulatory and legal uncertainties; and other risk factors
described in SiriusPoint’s Annual Report on Form 10-K for the
period ended December 31, 2022. Except as required by applicable
law or regulation, we disclaim any obligation to publicly update or
revise any forward-looking statement to reflect changes in
underlying assumptions or factors, or new information, data or
methods, future events or other circumstances after the date of
this press release.
Contacts
Investor Relations
Dhruv Gahlaut, Head of Investor Relations and
Chief Strategy OfficerDhruv.gahlaut@siriuspt.com +44 7514 659
918
Media
Clare Kerrigan - Chief Communications
OfficerClare.kerrigan@siriuspt.com+ 44 7720 163 949
Or
Steve Frankel / Adam PollackJoele Frank,
Wilkinson Brimmer Katcher212-355-4449
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