Bermuda-based reinsurer SiriusPoint has said that Daniel S. Loeb will join its board of directors.
Loeb, the founder and CEO of Third Point, will be joining the board as Joshua L. Targoff steps down. Targoff, a partner at Third Point, will be take on the board observer rights of Loeb.
Sharon Ludlow, chair of the SiriusPoint board of directors, said: “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.
“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.”
The relationship between SiriusPoint and Third Point goes back to at least August 2020, when the firms announced a definitive agreement to combine in a cash and stock transaction. That deal was valued at around $788m and saw the establishment of a global company with $3.3bn of tangible capital.
Loeb is not the only one to have joined the board of directors for SiriusPoint this year. In March, the firm added Jason Robart to its board. Robart is the co-founder and managing partner of Seae Ventures, an early-stage venture capital firm focused on supporting women, and BIPOC healthcare and fintech entrepreneurs.
This news follows the announced departure of SiriusPoint’s Chairman and CEO, Sid Sankaran.