Third Point-Sirius $788m merger on track with shareholders greenlight

The shareholders of Bermuda-based specialty reinsurer Third Point Re and multi-line re/insurer Sirius Group have approved their  $788 million merger - meaning the deal is now on track to close in the first quarter of next year.

The merger will create a global company with approximately $3.3 billion of tangible capital, to be renamed SiriusPoint.

Third Point and Sirius shareholders voted to approve all proposals required to complete the combination at their respective special general meetings on November 23.

The only proposal that Third Point Re shareholders did not approve related to amending the Bye-laws to remove the requirement that certain historical investors consent to amendments to the Bye-laws that have a material adverse effect on that investor.

While this proposal received an affirmative vote from a majority of all outstanding Third Point Re shares, it did not meet the required threshold of 66.67 percent of all outstanding Third Point Re shares.

The company, however, stated that the non-approval of this proposal will not impact the merger or have an impact on the business.

The two companies anticipate that the transaction will be completed during the first quarter of 2021, subject to the satisfaction or waiver of all closing conditions.

Dan Malloy, Third Point Re's CEO, said: "We are very pleased that shareholders have approved the merger, the associated Dan Loeb equity issuance, and seven of eight of the proposed bye-law changes. These approvals keep us on track to close the transaction in line with the previously announced target of the first quarter of 2021."