Image: In 2020, the cash and stock deal was announced at a time when insurers had seen a wave of lumpsum claims due to the Covid-19 pandemic. Credit: Helena Jankovičová Kováčová from Pixabay.

Daniel Loeb, the founder of hedge fund Third Point Reinsurance Ltd, is looking to take Bermuda-based insurer and reinsurer, SiriusPoint, private, reported Reuters.

This was stated by the activist investor in a regulatory filing.

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This move comes in less than three years after the investor agreed to combine his hedge fund’s reinsurance business with competitor Sirius International Insurance Group to create a specialty insurer.

In 2020, this cash and stock deal was announced at a time when insurers had seen a wave of several claims due to the Covid-19 pandemic.

Loeb had then said that the merger would provide scope for internal growth and acquisition.

In 2021, this deal was finalised.

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However, Third Point founder Daniel Loeb now said in a regulatory filing that SiriusPoint “may be best positioned to execute on its turnaround strategy as a privately held company while continuing to strengthen its financial position, enhance its credit ratings, and adhere to the highest regulatory standards.”

“As a result, (Loeb) has determined to explore a potential acquisition of all or substantially all of the outstanding Common Shares of the Issuer,” the filing stated.

The regulatory filing, however, did not specify details on a price or timeline for a transaction.

Loeb, who holds a stake of 9.34% worth $.14bn in SiriusPoint, is the second largest investor following China Minsheng Investment Group, which had a 33.75% interest in March 2022.