SiriusPoint, the international insurance and reinsurance company that launched as Third Point Re and Sirius Group combined, has announced significant changes at the top as CEO Sid Sankaran is departing for a new opportunity and former Third Point Re CEO Daniel Malloy is set to step in and lead the company through the transition.
Sankaran, Chairman and CEO, is reported to have resigned from SiriusPoint to pursue other opportunities.
Sankaran had led SiriusPoint since its formation as a $3 billion insurance and reinsurance operation formed out of the coming together of the formerly hedge fund strategy focused Third Point Re and Sirius Group.
But Sankaran’s connection went back further than that, having previously sat on the Third Point Re board, while at the time he was Chief Financial Officer of tech-focused startup Oscar Health.
With Sankaran moving on, SiriusPoint has now named another executive with a history at Third Point Re to lead the company on an interim basis, Daniel Malloy.
Malloy had joined Third Point Re when it launched in 2012 and led its US subsidiary Third Point Reinsurance Company Ltd. since 2017, as its CEO, before which he was its Executive Vice President, Underwriting.
After the deal to form SiriusPoint was completed, Malloy became President, Global Distribution and Head of Runoff of the firm, but then left the company after a year and his employment contract terminated in April 2022, we understand.
But now, the Board of SiriusPoint has named Malloy as Interim Chief Executive Officer of the company, while a search is on for a permanent successor to Sankaran.
At the same time, Director Sharon Ludlow, a former President and CEO of Swiss Re Canada, has been named as Interim Chair of the Board of Directors, while Sankaran will continue to be available as an advisor to the company after his departure.
“The Board and I would like to thank Sid for his work managing the integration of Third Point Re and Sirius Group, and for launching the Company on a compelling strategic path. We wish him well,” said Ludlow. “We are also very pleased that Dan Malloy has graciously agreed to rejoin the Company on a short-term basis to assist with this transition.”
“SiriusPoint has made tremendous progress since the merger, and I want to thank the team for helping position the Company for the future,” Sankaran added.
Adding to the return of Third Point linked executives, Daniel S. Loeb, founder and Chief Executive Officer of the hedge fund manager Third Point LLC (the firm that managed Third Point Re’s assets and also some for SiriusPoint), who is also SiriusPoints largest individual shareholder, is now set to join the Board of Directors.
Loeb is coming back to focus on SiriusPoints asset management strategy and on recruiting a permanent CEO replacement for Sankaran.
“We are delighted that Dan is joining the Board at this time as the Company continues to focus on serving our clients as a specialized global insurer and reinsurer,” Ludlow said. “Dan has a strong track record as an investor and in creating value for shareholders of companies in which he is involved. Our interests in this regard are completely aligned.”
“SiriusPoint has significant strategic assets and a strong financial and operating model,” added Loeb. “The Company now needs to recruit an experienced CEO to focus on disciplined expense management, profitable underwriting and growth strategies, and supporting a prudent investment program. I look forward to working with the Board to ensure we execute on these goals and build value for SiriusPoint’s shareholders.”
Loeb, who was the founder of Third Point Re as he looked to adopt the float model to leverage reinsurance assets within his investment fund strategies, has had Board Observer rights at SiriusPoint since its formation, but those will now transfer to Joshua L. Targoff, a partner at Third Point LLC who now leaves the SiriusPoint board.
It very much feels like the completion of the band coming back together at SiriusPoint (Third Point alumni already pepper the executive and other teams), so what this means for the strategy at the company will be interesting to watch, as it moves forward and looks to install a new permanent CEO.