Insurance Day is part of Maritime Intelligence

This site is operated by a business or businesses owned by Maritime Insights & Intelligence Limited, registered in England and Wales with company number 13831625 and address c/o Hackwood Secretaries Limited, One Silk Street, London EC2Y 8HQ, United Kingdom. Lloyd’s List Intelligence is a trading name of Maritime Insights & Intelligence Limited. Lloyd’s is the registered trademark of the Society Incorporated by the Lloyd’s Act 1871 by the name of Lloyd’s.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support +44 (0)20 3377 3996 / APAC support at +65 6508 2430

Printed By


Stockwatch: SiriusPoint surges on Loeb standstill deal

The selected insurance stocks outperformed the wider equity markets overall, rising 0.9% on average

Hedge fund investor to postpone takeover attempt; insurance stocks outperform

Shares in SiriusPoint leapt 12.1% in the week to August 9 as the Bermudian firm struck a "standstill deal" with fund manager shareholder Daniel Loeb following his aborted takeover bid earlier this year.

Loeb has agreed not to attempt to acquire the company for at least two years, and his shareholding has been capped at 9.5%.

The latest dramatic hike in the share price means SiriusPoint has delivered a 78.1% gain for investors so far in 2023, and an incredible 130% in the past 12 months.

Elsewhere on the New York Stock Exchange, shares in Greenlight Capital Re (+10.2%) also surged, taking its year-to-date performance to +40.1%.

Insurance Day’s selected insurance stocks outperformed the wider equity markets overall, rising 0.9% on average, and with every sub-group except brokers (-2.4%) beating their regional indexes.

Lloyd’s (+2%) comfortably bettered the FTSE 100 (+0.3%) as Lancashire (+3.2%) and Beazley (+4.8%) fared strongly.

Shares in Lancashire rose as the firm reported an increase in first-half profits and a surge in gross written premiums, and embattled Beazley (+4.8%) bounced back even more strongly after announcing it performance was on track for 2023 – and the departure of long-term chief financial officer, Sally Lake.

Hiscox, however, fell 2% and plummeted a further 6% on August 10 after its first-half results fell short of expectations.

Among the brokers, WTW (-5.1%) endured another poor week. Having slipped 17.3% in the year-to-date while its two main competitors have gained value, BMO downgraded the stock to “underperform” from “market perform”.





Ask The Analyst

Ask The Analyst - Ask Your Question Send your question to our team of expert analysts. You can: • Ask for background information on/explanation of articles in Insurance Day * • Find out more about our views on industry developments • Ask for an interpretation of market trends • Source supplementary data relating to articles • Request explanations to further your understanding of current issues (* This relates to any Insurance Day that is included as part of your subscription) We will do the research and get back to you personally with the information you need.

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts