Major shake-up at SiriusPoint as CEO Sankaran makes surprise exit
In a surprise move, Sid Sankaran (pictured), the chairman and chief executive officer (CEO) of SiriusPoint, has stepped down from the Bermudian carrier’s top role and will be replaced by Daniel Malloy on an interim basis. The move coincides with the appointment of activist investor and its largest shareholder Daniel Loeb who's now on the lookout for an “experienced CEO”.
Sankaran took up leadership of the class of 2020 re/insurer at its inception in 2021 via the combination of Third Point Re and Sirius Group.
SiriusPoint stated that Sankaran has resigned from the company to pursue other opportunities, and former Third Point Re CEO Daniel Malloy has stepped in to lead the company through the transition.
Malloy has been named as interim CEO while the board initiates a search for a permanent successor, and current director Sharon Ludlow as interim chair of the board of directors.
The leadership changes are effective immediately. Sankaran will be available as an advisor to the company after his departure during the transition phase, the company noted.
Meanwhile, Daniel Loeb, its largest individual shareholder, has joined SiriusPoint board of directors. He is the founder and CEO of the asset management firm Third Point, and was the founder of Third Point Re and “instrumental” in the merger of the company with Sirius Group to create SiriusPoint in 2021.
Loeb, who has had board observer rights since SiriusPoint was established, will transfer those rights to Joshua Targoff, a partner at Third Point, who will be leaving the SiriusPoint board.
Commenting on Sankaran’s departure, Ludlow said: “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.”
“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,” he added.
Malloy's most recent position with the company was as president of global distribution and services. He was previously the CEO of Third Point Re.
Ludlow is the former president and CEO of Swiss Re Canada and has served as a director of the company since its inception in February 2021.
Loeb remarked: “ SiriusPoint has significant strategic assets and a strong financial and operating model. 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 programme. I look forward to working with the Board to ensure we execute on these goals and build value for SiriusPoint's shareholders.”
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