Specialty reinsurer Third Point Reinsurance Ltd and global multi-line (re)insurer Sirius International Insurance Group are inching closer towards their planned union.
The companies announced that their shareholders approved all the merger-related proposals at Third Point Re and Sirius Group’s respective special general meetings on November 23. These include the proposal to rename Third Point Re as SiriusPoint Ltd upon the deal’s completion, which is expected to take place early next year.
Read more: Reinsurers reveal merger plans
The issuance of Third Point Re common shares to shareholders of Sirius Group also received the go-ahead, as did the issuance of Third Point Re common shares to Third Point LLC founder and chief executive Daniel Loeb pursuant to an equity commitment letter.
“These approvals keep us on track to close the transaction in line with the previously announced target of the first quarter of 2021,” said Third Point Re CEO Dan Malloy, whose camp is “very pleased” to have received the shareholder nod.