Summary of Third Point Reinsurance Ltd. and Sirius Group Merger Announcement Call Company and Industry - **Companies Involved**: Third Point Reinsurance Ltd. (TPRE) and Sirius Group - **New Entity**: The merger will create a new company named SiriusPoint Core Points and Arguments - **Strategic Merger**: The merger is positioned as a transformative opportunity to create a top-tier global reinsurer, capitalizing on current market conditions and enhancing value for stakeholders [8][10] - **Underwriting Focus**: The combined entity will emphasize underwriting profitability and expand into more profitable lines of business, moving away from the previous model that focused on low volatility reinsurance [9][10] - **Market Positioning**: The merger is expected to clear market overhangs for both companies, allowing Third Point Re to transition from its hedge fund roots and addressing concerns related to Sirius Group's major shareholder [10][11] - **Leadership Transition**: Sid Sankaran will serve as Chairman and CEO of SiriusPoint, bringing extensive industry experience from AIG and Oscar Health [12][15] - **Underwriting Talent**: The merger will combine experienced underwriting teams from both companies, enhancing the overall capabilities of SiriusPoint [12][14] Financial Aspects - **Transaction Value**: The total deal consideration is estimated at $788 million, representing approximately 80% of Sirius Group's tangible book value [31] - **Shareholder Options**: Sirius shareholders will have three options for their shares, including cash, stock, or a combination with contingent value rights [31][32] - **Accretive Transaction**: The merger is expected to be accretive to earnings per share (EPS) and return on equity (ROE) in the first year post-close, with a strong pro forma balance sheet [19][20] - **Capital Structure**: The combined company will have less than 30% leverage at close, with plans to optimize capital structure over time [20][33] Performance Metrics - **Second Quarter Results**: Third Point Re reported a net income of $124 million for Q2 2020, with a return on equity of 10.1% and a combined ratio of 98.3%, indicating underwriting profitability despite COVID-19 impacts [34][35] - **Investment Strategy**: The company anticipates benefits from a differentiated investment strategy, especially in a low-interest-rate environment [36] Additional Insights - **Global Platform**: SiriusPoint will have a global platform with access to various markets, enhancing its reinsurance offerings [17][18] - **Client Relationships**: The merger aims to strengthen long-standing relationships with clients and brokers, which are crucial for future growth [22][29] - **Technological Modernization**: There is a commitment to modernizing infrastructure and IT to improve expense ratios and overall efficiency [23] This summary encapsulates the key points from the merger announcement call, highlighting the strategic rationale, financial implications, and operational focus of the newly formed SiriusPoint.

Financial Data and Key Metrics Changes - Third Point Re generated a net loss of $184 million for Q1 2020, with a return on equity of negative 13% [9] - The diluted book value per share decreased by 13.2% to $13.05 since year-end 2019 [10] - The combined ratio improved to 97% from 103.8% in the prior year, reflecting a shift towards higher margin business [24] Business Line Data and Key Metrics Changes - Gross premiums written decreased to $204 million from $320 million in the prior year, primarily due to non-renewal of certain contracts [25] - The company reported net underwriting income of $4.4 million for the first quarter [24] - The non-catastrophe business continues to show underwriting improvement, benefiting from primary pricing trends [18] Market Data and Key Metrics Changes - The COVID-19 pandemic has created significant uncertainty in the property insurance and reinsurance markets, particularly regarding business interruption losses [17] - The company’s property catastrophe portfolio is focused on personal lines, reducing exposure to commercial property insurance [17] Company Strategy and Development Direction - The company is committed to establishing a balanced and diversified business through a prudent mix of underwriting and investment risk [37] - There is a selective focus on strategic transactions to create long-term partnerships and profitable future reinsurance premium [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the COVID-19 pandemic but believes the company is conservatively positioned to withstand market volatility [35] - The company aims to support customers with innovative reinsurance coverages and capture business opportunities as trading conditions improve [36] Other Important Information - The company recorded COVID-19 losses of $9.5 million, primarily from contingency exposures and event cancellations [11][12] - Total general and administrative expenses decreased to $10 million from $12 million in the prior year [31] Q&A Session Summary - No questions were posed during the Q&A session, and the management expressed gratitude for participation and encouraged everyone to stay safe and healthy [38][39]

Start Time: 08:30 January 1, 0000 8:50 AM ET Third Point Reinsurance Ltd. (TPRE) Q4 2019 Earnings Conference Call February 28, 2020, 08:30 AM ET Company Participants Dan Malloy - CEO Chris Coleman - CFO Daniel Loeb - CEO, Third Point LLC Conference Call Participants Operator Greetings, and welcome to the Third Point Reinsurance Fourth Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator I ...

Third Point Reinsurance Ltd. (TPRE) Q2 2019 Earnings Conference Call August 8, 2019 8:30 AM ET Company Participants Chris Coleman - Chief Financial Officer Dan Malloy - Chief Executive Officer Daniel Loeb - Chief Executive Officer, Third Point LLC Conference Call Participants Sean Reitenbach - KBW Operator Thank you for standing by. This is the conference operator. Welcome to the Third Point Reinsurance Second Quarter 2019 Earnings Conference Call. [Operator Instructions] I would now like to turn the confer ...

Financial Performance - For the second quarter of 2019, Sirius Group's Gross Written Premiums were $487 million[7], and for the year-to-date 2019, the Gross Written Premiums reached $1,109 million[7] - The GAAP Combined Ratio for the second quarter of 2019 was 105%, and for the year-to-date 2019, it was 99%[7] - As of June 30, 2019, the book value per common share was $15.47, and the adjusted book value per share was $15.87[7] - As of June 30, 2019, Total Cash and Investments amounted to $3,597 million[7] Investment Portfolio - As of June 30, 2019, the investment portfolio's asset allocation included 50% in Fixed Maturity, 25% in Short-term investments, 11% in Equity Securities, 3% in Cash, and 11% in Other long-term investments[13] - As of June 30, 2019, the fixed income quality of the investment portfolio was comprised of 41% AA, 33% AAA, 15% A, 8% BBB and 3% NIG[15] Business Segments - For the second quarter of 2019, Global Property gross written premiums were $236.2 million, Global A&H gross written premiums were $152.8 million, and Specialty & Casualty gross written premiums were $96.9 million[9] - For the year-to-date 2019, Global Property gross written premiums were $566.9 million, Global A&H gross written premiums were $322.1 million, and Specialty & Casualty gross written premiums were $217.8 million[9] Company Overview - Sirius Group has clients in 150 countries and 20 global underwriting and representative offices[28] - The company's 5-year net combined ratio (average 2014-2018) is 93.3%[29]

Third Point Reinsurance Ltd. (TPRE) Q1 2019 Earnings Conference Call May 10, 2019 8:30 AM ET Company Participants Chris Coleman - Chief Financial Officer Dan Malloy - Chief Executive Officer Daniel Loeb - Chief Executive Officer, Third Point LLC Conference Call Participants Meyer Shields - KBW Operator Greetings, and welcome to the Third Point Reinsurance First Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I now like to turn the conference o ...

Financial Data and Key Metrics Changes - The company reported a net loss of $298 million for Q4 2018, driven by a negative investment return of 11.4%, resulting in a net investment loss of $277 million [7] - For the full year 2018, the company generated a net loss of $318 million [7] - The diluted book value per share decreased to $12.98, down $2.62 or 16.8% from September 30, 2018, and down $2.67 or 17.1% from December 31, 2017 [25] - Gross premiums written for Q4 2018 were $120 million, a decrease of $44 million from the prior year's Q4 [25] - The combined ratio for Q4 2018 was 111.6%, compared to 107.1% in the prior year [26] Business Line Data and Key Metrics Changes - The company generated a net underwriting loss of $24 million for Q4 2018 [26] - Catastrophe losses of $18.5 million in Q4 2018 contributed 8.8 percentage points to the combined ratio, primarily related to California wildfires [26] - The company expects to target $45 million to $50 million of premium in the cat portfolio for 2019, focusing on higher-margin peak exposure zones [11] Market Data and Key Metrics Changes - The reinsurance market remains challenging with significant underwriting capacity available, despite substantial losses in 2017 and 2018 [8] - Improvements in cap raising on loss-impacted programs have been modest, while pricing for non-loss impacted contracts has remained broadly flat [8] Company Strategy and Development Direction - The company is gradually shifting its underwriting portfolio to higher-margin business to drive down the combined ratio below 100 [10] - A strategy to make small investments in insurance companies and managing general agents is being developed to access attractive reinsurance premiums [13] - The company has added experienced senior underwriters to enhance its market relationships and accelerate the shift to higher-margin business [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2018 was a disappointing year but expressed optimism about future opportunities and improvements in financial results [18] - The company expects volatility to reemerge and plans to benefit from being providers of liquidity during market fluctuations [23] - Management believes that the current positioning is appropriate for the market and anticipates better results moving forward [23] Other Important Information - The company reduced share repurchases due to significant net losses, purchasing only 526,000 shares for approximately $5 million [30] - General and administrative expenses for Q4 2018 were $8 million, down from $14 million in the prior year [29] Q&A Session Summary Question: Clarification on property cat business premium for 2019 - Management confirmed that the target for property cat business is slightly higher than previously indicated, but still within the expected range [32][34] Question: Impact on acquisition ratio due to business mix changes - Management stated that the overall composite and combined ratio is expected to decrease as new higher-margin business is written [36][37] Question: Details on the type of business being written and pricing trends - Management provided insights into the eclectic portfolio being targeted, including workers comp cat, cyber, and commercial auto, with expectations of improved pricing and terms [38][39] Question: Inquiry about PML as of January 1 - Management indicated that their PML is expected to be about half of the average reinsurance company [42] Question: Update on ceding commissions - Management noted continued improvement in ceding commissions, with no increases observed in renewals [45]