SiriusPoint
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The group’s combined ratio improved by 9.5 points to 95.9%. -
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1.1 renewal looms.
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Sankaran will need to land a difficult integration and shrug off the total return reinsurer label.
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The company generated $1.34/share in net earnings, doubling the reinsurer’s total profits from a year ago.
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Fitch retained its negative outlook on Sirius, noting the carrier’s “operating performance deterioration in recent years” and exposure to Covid-19 losses.
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The share price of majority China Minsheng-owned Sirius also surged 40%.
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The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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