SiriusPoint Ltd., the Bermuda-based worldwide specialty re/insurer, introduced that Siddhartha (Sid) Sankaran, chairman and CEO, has resigned from the corporate to pursue different alternatives.
The board has named Daniel Malloy as interim chief govt officer whereas the board initiates a seek for a everlasting successor. As well as, present Director Sharon Ludlow has been named interim chair of the board of administrators.
The corporate introduced final month that Malloy had left SiriusPoint, a 12 months after the corporate was formed from the merger of specialty reinsurer Third Level Reinsurance and Sirius Worldwide Insurance coverage Group, a multi-line insurer and reinsurer.
SiriusPoint stated the appointments of Malloy and Ludlow are efficient instantly and that Sankaran will likely be obtainable as an adviser to the corporate after his departure as a way to guarantee a easy transition.
In a separate announcement, SiriusPoint stated that Daniel S. Loeb, its largest particular person shareholder, will be part of the board of administrators.
“SiriusPoint has important strategic belongings and a powerful monetary and working mannequin,” Loeb stated in an announcement. “The corporate now must recruit an skilled CEO to concentrate on disciplined expense administration, worthwhile underwriting and progress methods, and supporting a prudent funding program. I sit up for working with the board to make sure we execute on these objectives and construct worth for SiriusPoint’s shareholders.”
“We’re delighted that Dan is becoming a member of the board at the moment as the corporate continues to concentrate on serving our shoppers as a specialised international insurer and reinsurer,” stated Ludlow. “Dan has a powerful monitor report as an investor and in creating worth for shareholders of firms through which he’s concerned. Our pursuits on this regard are fully aligned.”
Ludlow thanked Sankaran “for his work managing the combination of Third Level Re and Sirius Group, and for launching the corporate on a compelling strategic path. We want him effectively.”
“We’re additionally very happy that Dan Malloy has graciously agreed to rejoin the corporate on a short-term foundation to help with this transition,” she added.
“SiriusPoint has made large progress for the reason that merger, and I wish to thank the staff for serving to place the corporate for the longer term,” commented Sankaran.
With greater than 4 many years within the reinsurance business, Daniel Malloy most just lately served as president of SiriusPoint’s International Distribution and Companies after the formation of the corporate final 12 months, and previous to that he was the CEO of Third Level Re. Malloy joined Third Level Re in 2012 and served as govt vp of Underwriting after which chief underwriting officer, earlier than his promotion to CEO in 2019.
He additionally has held positions at Aon Benfield, Stockton Reinsurance, Centre RE, and Zurich Reinsurance. He’s a graduate of Dartmouth Faculty.
Sharon Ludlow is a company director with greater than 25 years of expertise within the insurance coverage/reinsurance business. Throughout the course of her profession, she served as president and CEO of Swiss Re Canada and as president of Aviva Insurance coverage Co. of Canada.
Ludlow is at the moment a director on the boards of Lombard Worldwide, EIS Group and Inexperienced Defend Canada. She is a fellow of the Chartered Skilled Accountants (FCPA, FCA) in Canada and holds a Bachelor of Commerce diploma from the College of Toronto. She additionally holds the Institute of Company Administrators designation (ICD.D).
Daniel S. Loeb is the founder and chief govt officer of the asset administration agency Third Level LLC. He was the founding father of Third Level Re and instrumental within the merger of that firm with Sirius Group to create SiriusPoint in 2021. Loeb, who has had board observer rights since SiriusPoint was established, will switch these rights to Joshua L. Targoff, a companion at Third Level LLC, who will likely be leaving the SiriusPoint Board.
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