SiriusPoint in standstill pact with Daniel Loeb, can’t buy over 9.5% stake

SiriusPoint has entered into a standstill agreement with Mr Daniel S. Loeb. The entry by the parties into the Agreement follows the conclusion of exploratory discussions related to a potential acquisition of the Company by Mr Loeb The Agreement provides that Mr Loeb will not, subject to certain limited exceptions, make a take-over or purchase proposal for the Company or acquire more than 9.5% of the outstanding shares of the Company or an amount of ownership requiring regulatory approval. Further, the Agreement provides that Mr Loeb would not take any action in support of or make any proposal with respect to controlling, changing or influencing the Company’s management, business, capitalization or corporate structure. SiriusPoint CEO Scott Egan said: “We welcome the standstill agreement as a strong signal of support for the progress we are making towards creating long term value in our business and for our shareholders. Our recent half year results were an important evidence point of our strategy and our progress so far, and we are focused on building on that momentum. I would like to take this opportunity to thank our employees, business partners, and customers for their continued support.”