Billionaire Daniel S. Loeb has signalled his intention to take Bermudian-headquartered global specialty re/insurer SiriusPoint Ltd private.

Mr Loeb is the CEO and founder of Third Point LLC, a New York-based asset management firm.

On Wednesday, as the “Reporting Person” in a regulatory filing with the US Securities and Exchange Commission, he made his intentions clear about SiriusPoint, which is referred to in the document as the “issuer”.

“The Reporting Person believes that the issuer’s management team, led by its chief executive officer, is undertaking the necessary steps to position the issuer for long-term success and is fully supportive of the strategy and plan currently being pursued.

“In particular, the Reporting Person has full confidence in the issuer’s approach to the de-risking of its investment portfolio to strengthen its balance sheet and capital position.

“However, the Reporting Person believes that the issuer may be best positioned to execute on its turnaround strategy as a privately held company while continuing to strengthen its financial position, enhance its credit ratings and adhere to the highest regulatory standards.

“As a result, the Reporting Person has determined to explore a potential acquisition of all or substantially all of the outstanding common shares of the issuer.”

Mr Loeb, who sits on the board of SiriusPoint, owns a 9.34 per cent stake in the company.

In a statement, SiriusPoint acknowledged the indication of interest from Third Point LLC.

It said: “Consistent with its fiduciary duties, in consultation with its financial and legal advisers, the SiriusPoint board of directors will carefully evaluate any proposal to acquire the company, if and when a proposal is received.

“The company always welcomes dialogue with its investors and shares the common goal of maximising value for all the company’s shareholders.

“The company has made significant progress during the last seven months against its strategic priorities of reducing volatility, business simplification and improving profitability.

“The company has a healthy balance sheet and its capital position has been further strengthened by the recently announced loss portfolio transfer transaction, which is subject to regulatory approval, while ratings agency Fitch recently upgraded SiriusPoint’s outlook to stable from negative.

“Shareholders are not required to take any action at this time.”

SiriusPoint was born in 2021 with the merger of Third Point’s reinsurance company, Third Point Re, and Sirius International Insurance Group.

The company announced last May that Sid Sankaran had resigned as chairman and chief executive of SiriusPoint.

The board named Daniel Malloy as interim CEO while it initiated a search for a permanent successor.

At the same time, the company announced that Mr Loeb was to join the board.

Veteran insurance executive Scott Egan took over as CEO of SiriusPoint last September.

Two months later, the company announced that it was scaling back its property catastrophe reinsurance platform by closing underwriting offices in Hamburg, Miami and Singapore, and reducing its footprint in Liege and Toronto.

SiriusPoint reported a full-year net loss of $403 million in 2022.