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On August 6, Sirius Group announced that it had entered into a definitive agreement with Third Point Reinsurance Ltd. for the two companies to combine in a cash and stock transaction. The combined company will be renamed SiriusPoint and will have approximately $3.3 billion of tangible capital. Jenner & Block represented the Strategic Review Committee of the Board of Directors of Sirius Group in the transaction. Third Point Reinsurance Ltd. is an NYSE-listed specialty insurer. Sirius International Insurance Group (Sirius Group) is a global multi-line insurer and reinsurer. In a joint press release, the companies noted: “This combination joins two highly complementary businesses with a shared strategic vision to create a leading global company providing insurance and reinsurance solutions to clients and brokers located in almost 150 countries.” The collaborative cross-practice team advising the Strategic Review Committee is led by Partners Richard Levin and Kevin T. Collins and includes Partners Stephen L. Ascher and Brian S. Scarbrough and Associates Allison N. Douglis and Kristen M. Iglesias.
To read the full press release, please click here.