Daniel Loeb, the Chief Executive Officer of hedge fund Third Point Management, has entered into a standstill agreement with SiriusPoint whereby he will hold off on attempts to take the Bermuda-based specialty insurer and reinsurer private for two years.

According to a press statement by SiriusPoint, Loeb "will not, subject to certain limited exceptions, make a take-over or purchase proposal for the firm or acquire more than 9.5% of the outstanding shares or an amount of ownership requiring regulatory approval" until at least July 2025.

In April of this year Loeb, who holds a stake of about 9.5% in SiriusPoint following the merger of his own reinsurance unit, Third Point Re, with Sirius Group in February 2021, said he was looking to take the company private.

The potential deal was scrapped a month later with both parties unable to agree on a valuation.

“We welcome the standstill agreement as a strong signal of support for the progress we are making towards creating long term value in our business and for our shareholders,” commented SiriusPoint CEO Scott Egan in a statement. “Our recent half year results were an important evidence point of our strategy and our progress so far, and we are focused on building on that momentum. I would like to take this opportunity to thank our employees, business partners, and customers for their continued support.”