Hedge fund backed reinsurer Third Point Re and multi-line re/insurer Sirius Group have gained key approvals from shareholders that will enable them to proceed with their planned merger agreement.
At a Third Point Re special general meeting, the shareholders approved the issuance of Third Point Re common shares to Sirius Group shareholders in connection with the closing of the transaction, as well as the issuance of shares to Third Point CEO Daniel S. Loeb.
In addition, shareholders approved amendments to Third Point Re’s Bye-laws, and the change of company’s name to SiriusPoint Ltd.
“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,” said Dan Malloy, Third Point Re’s CEO.
“These approvals keep us on track to close the transaction in line with the previously announced target of the first quarter of 2021.”
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%.
Third Point Re and Sirius Group anticipate that their merger will complete during the first quarter of 2021.