Third Point’s Loeb Looking to Take Insurance Firm SiriusPoint Private (Reuters)
April 12 (Reuters) – Billionaire investor Daniel Loeb is considering taking SiriusPoint Ltd (SPNT.N) private less than three years after he agreed to combine his hedge fund’s reinsurance business, Third Point Re, with rival Sirius International Insurance Group to form the global specialty insurer. The cash and stock deal was announced in 2020 when insurers braced for a wave of claims related to the coronavirus pandemic and Loeb said the merger would provide more heft for internal growth and acquisitions. The deal was finalized in early 2021.
Warren Buffett’s Texas Power Push Sparks a Berkshire Backlash (Bloomberg)
Warren Buffett is leaving little to chance when it comes to winning a piece of one of the biggest American power deals. The billionaire’s Berkshire Hathaway Energy has spent the past two years pushing to overhaul how the Texas electrical grid works, and is now promoting a bill that would require the state to fund construction of natural gas-fired power plants that would be turned on when the system is under strain. Cost estimates range from about $10 billion to $18 billion.
You Just Can’t Put Your $3 Million Damien Hirst Sculptures Anywhere These Days (Deal Breaker)
There’s always an element of risk in placing an artwork outdoors. For one, the actual elements—especially when we’re talking about beachfront property in Florida. But mostly, we’re talking about the human element: the stupidity, cupidity and malice of our fellow man. Still, GoldenTree Asset Management chief Steven Tananbaum and his wife, Lisa, must have felt confident enough placing their $3 million Damien Hirst on the grounds of their Palm Beach estate.
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UBS Should Fire ‘Over-Paid, Risk-Loving’ Credit Suisse Staff: Bronte (AFR.com)
John Hempton’s Bronte Capital covered short positions in Credit Suisse, Silicon Valley Bank and Signature Bank too soon, but is sticking with a long bet on UBS hoping it will fire its newly acquired Swiss peer’s staff quickly. The homegrown hedge fund confessed it could have produced much bigger returns for investors in its Amalthea strategy by riding out the banking crisis to the bottom. Bronte said it had taken long positions in UBS and First Citizens, both of which it argues have picked up good assets for a good price in the fallout from the Credit Suisse and Silicon Valley Bank collapses, according to its March quarterly investor letter.
SEB Eureka to Feed Into Asgard’s Future (Hedge Nordic)
Stockholm (HedgeNordic) – Despite overseeing and assisting the launch of one of the Nordic region’s most promising hedge fund launches in the fixed-income space, SEB Investment Management has appointed Asgard Asset Management as the investment advisor of SEB Eureka Fixed Income Relative Value effective as of April 1. SEB Eureka, the best Nordic fixed-income hedge fund for two consecutive years at the Nordic Hedge Award, will embark on a process of transitioning into a feeder fund to the Asgard Fixed Income Risk Premia Fund.
