Sirius Group to merge with Third Point Re in a $788m deal.

Sirius Group, a global multi-line insurer and reinsurer, agreed to merge with Third Point Re, a specialty reinsurer, in a $788m deal. Third Point Re and Sirius Group anticipate that the transaction will be completed during the first quarter of 2021, subject to the satisfaction or waiver of all closing conditions. "We are excited to create a powerful new entity that focuses on underwriting first but strives for excellence in its investment results. This transaction further strengthens our reinsurance operations and positions us to enter lines of business with higher risk-adjusted returns to achieve underwriting profitability. Combining with Sirius Group accelerates our continuing objective to deliver consistently strong book value per share growth over the long-term. Our new scale and global platform, diverse franchise, and enhanced financial profile will enable us to provide tremendous value to clients, brokers, and shareholders. I look forward to working with Sirius Group's terrific and dedicated team," Siddhartha Sankaran, Third Point Re Non-Executive Chairman of the Board.