Sidley is representing Sirius International Insurance Group, Ltd. in its US$788 million merger with Third Point Reinsurance Ltd., which will create a US$3.3 billion company to be renamed SiriusPoint Ltd. This complex, multinational deal will create a leading global company providing insurance and reinsurance solutions to clients and brokers across nearly 150 countries.
Sirius Group is a global multiline insurer and reinsurer with a unique global branch network, including offices in Stockholm, New York, and London, and Third Point Re is a leading property and casualty reinsurer. Both companies are publicly traded and based in Bermuda.
The transaction involves several innovative features including a unique three-option structure for Sirius Group shareholders to receive consideration for their shares, protection against COVID-19-related losses at Sirius Group and Third Point Re, and a voting cap and standstill limitations for China Minsheng Investment Group, Sirius Group’s majority shareholder, to address any historical SiriusPoint stakeholder concerns relating to Sirius Group’s governance and access to capital markets.
The deal received extensive press coverage, including in The Wall Street Journal and Financial Times, and exemplifies Sidley’s ability to harness deep industry knowledge and global experience to guide clients through their most challenging, high-profile transactions. The firm also advised Sirius Group in its innovative US$2.2 billion merger with Easterly Acquisition Corp. in 2018, which enabled Sirius Group to become a publicly traded company.
Sean Keyvan, head of Sidley’s global insurance M&A practice, is leading the deal team drawn from the firm’s Chicago, New York, Los Angeles, San Francisco, Washington, D.C., and London offices, which includes Jonathan Blackburn, Cameron Stanton (M&A), Jack Yamin, Jeremy Carroll, Kyle Bessette (Insurance), Dan Altman (Tax), Matt Johnson (Employee Benefits), and Lindsey Smith (Capital Markets), among others.