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Third Point Re and Sirius Group to merge in deal worth $788m

Written by Adam Cadle
07/08/2020

Bermuda-based specialty reinsurer Third Point Reinsurance and multi-line re/insurer Sirius International Insurance Group have entered into a definitive agreement for Third Point Re and Sirius Group to combine in a cash and stock transaction valued at $788m.

The new company will be renamed SiriusPoint Ltd. and will be based in Bermuda.

Third Point Re will purchase Sirius from its parent company, China Minsheng Investment Group (CMIG), for $100m in cash and approximately 58 million of Third Point Re shares.

The transaction, which is expected to be completed in the first quarter of 2021, will create a global company with approximately $3.3bn of tangible capital.

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