Last week, Third Point Re insurance, which is backed by US hedge-fund manager Daniel Loeb, said it would merge with Sirius International Insurance Group in a cash-and-stock deal worth around $788 million.
The deal comes at a pivotal time for both companies.
Third Point Re To Merge After Years Of Losses
Early last year, reports started to emerge that Sirius International's parent CMIG, a private investment group, was facing liquidity issues related to a massive debt burden. The parent company, which owed approximately $34 billion in the first half of 2018, missed a bond payment in February 2019.
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