Sankaran resigns as chairman and CEO of SiriusPoint
Sid Sankaran has resigned as chairman and chief executive officer of SiriusPoint Ltd, the international specialty re/insurer headquartered in Bermuda.
The company said he is to “pursue other opportunities”.
The board of directors of SiriusPoint has named Daniel Malloy as interim chief executive officer while it initiates a search for a permanent successor, and current director Sharon Ludlow as interim chair of the board of directors.
Both appointments are effective immediately.
The company also announced that Daniel S Loeb, its largest individual shareholder, will join the board.
SiriusPoint said Mr Sankaran will be available as an adviser to the company after his departure to ensure a smooth transition.
Ms Ludlow said: "The board and I would like to thank Sid for his work managing the integration of Third Point Re and Sirius Group, and for launching the company on a compelling strategic path. We wish him well.
"We are also very pleased that Dan Malloy has graciously agreed to rejoin the company on a short-term basis to assist with this transition."
Mr Sankaran said: "SiriusPoint has made tremendous progress since the merger, and I want to thank the team for helping position the company for the future."
Mr Malloy's most recent position with the company was as president of global distribution and services. He was previously the CEO of Third Point Re.
Ms Ludlow is the former president and CEO of Swiss Re Canada and has served as a director of the company since its inception in February 2021.
Of Mr Loeb, Ms Ludlow 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 specialised 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."
Mr Loeb, who has been described as a “legendary” activist investor, is the founder and chief executive officer of the asset management firm Third Point LLC.
He was the founder of Third Point Re and, SiriusPoint said, instrumental in the merger of that company with Sirius Group to create SiriusPoint in 2021.
Mr Loeb, who has had board observer rights since SiriusPoint was established, will transfer those rights to Joshua L Targoff, a partner at Third Point LLC, who will be leaving the SiriusPoint board.
Mr Loeb said: "SiriusPoint has significant strategic assets and a strong financial and operating mode.
"The company now needs to recruit an experienced CEO to focus on disciplined expense management, profitable underwriting and growth strategies, and supporting a prudent investment programme.
“I look forward to working with the board to ensure we execute on these goals and build value for SiriusPoint's shareholders."