Loeb Drops Buyout of $1.6 Billion Reinsurer SiriusPoint (1)

Hedge fund manager Dan Loeb said he’s no longer exploring an acquisition of specialist insurance underwriter SiriusPoint Ltd.

Loeb held exploratory discussions with Bermuda-based SiriusPoint about a potential deal to take the company private, but the parties weren’t able to reach consensus on the value of a transaction, according to a regulatory filing Friday.

The investor, who runs Third Point LLC, reiterated he has “total confidence” that SiriusPoint’s management team is taking the right steps to strengthen its balance sheet and enhance its credit ratings. He’s “fully supportive” of the company’s fixed income and hedging program, Loeb said ...