SiriusPoint

Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.

Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show.

While SiriusPoint CEO Scott Egan said the committee of independent directors will examine any acquisition proposals, he added that there’s “no assurance” any deal will be executed.

Following the departure of Gretchen Hayes and the appointment of Masojada, SiriusPoint board will consist of nine directors, six of whom are independent.

The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.

The affirmation follows an SEC filing by activist investor and Third Point Re founder Dan Loeb last week, in which he disclosed intentions to take the company private.

Inside P&C’s news team runs you through the key highlights of the week.

The billionaire’s mooted take-private will hinder CEO Egan’s efforts to steady the ship.

Need to Know

Shares, which have long underperformed, were trading up 13% following the regulatory announcement.

The revision reflects SiriusPoint’s improved underwriting performance under a revamped management team.

SiriusPoint said the deal would allow Arcadian to “significantly scale” its business.