Daniel Loeb
About Daniel S. Loeb
Daniel S. Loeb (age 63) is a Class II director at SiriusPoint Ltd., serving since May 2022. He is CEO and Founder of Third Point LLC (est. 1995), an asset manager investing across equity and credit, and previously served on boards including Yahoo!, Ligand Pharmaceuticals, POGO Producing, Massey Energy, and Sotheby’s; he holds an A.B. in economics from Columbia University (1983) and is active in philanthropic governance (Mount Sinai Health System trustee; Success Academies trustee/former Board Chair) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Yahoo! | Director | Not disclosed | Board member during strategic engagement |
| Ligand Pharmaceuticals | Director | Not disclosed | Board oversight |
| POGO Producing Co. | Director | Not disclosed | Board oversight |
| Massey Energy | Director | Not disclosed | Board oversight |
| Sotheby’s | Director | Not disclosed | Helped oversee successful sale |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Third Point LLC | CEO & Founder | 1995–present | Grew multi-asset platform; acquired Birch Grove to expand CLO and credit strategies |
| Council on Foreign Relations | Member | Not disclosed | Policy network engagement |
| Mount Sinai Health System | Trustee | Not disclosed | Established Ronald M. Loeb Center for Alzheimer’s Disease |
| Success Academies | Trustee; former Board Chair | Not disclosed | K-12 governance; civic impact |
Board Governance
- Independence: Not independent due to employment by Third Point LLC, a related party and one of SPNT’s investment managers; board determined independence in Feb 2025 .
- Committee assignments: Post-AGM committee composition is independent-only; Mr. Loeb is not listed on Audit, Compensation, Governance & Nominating, Investment, or Risk & Capital Management Committees .
- Attendance: All directors attended 100% of board and committee meetings in 2024 .
- Board leadership: Chair is Bronek Masojada (independent); CEO is Scott Egan (separate roles) .
- Executive sessions: Independent and non-management directors met in executive sessions four times in 2024; Loeb, as non-independent, is not part of independent-only sessions .
Fixed Compensation (Director)
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (independent directors) | $137,500 | Director Policy; additional chair fees for Audit/Risk ($35k), Investment/Comp/Gov ($20k), Non-Exec Chair ($100k), Lead Independent ($50k) |
| Daniel S. Loeb cash fees | $0 | Non-independent directors (including Loeb) did not receive director compensation in 2024 |
Performance Compensation (Director)
| Component | Grant value | Vesting | Notes |
|---|---|---|---|
| Annual restricted shares (independent directors) | $137,500 grant-date value | Generally vest at next AGM | 2024 grants under 2023 Omnibus Plan; vest May 31, 2025 |
| Daniel S. Loeb equity grants (director) | $0 | N/A | Non-independent directors did not receive director equity grants in 2024 |
- Performance metrics: Board director compensation is not performance-conditioned; executive pay programs use Core combined ratio (STI) and NBVPS CAGR (PSUs), but these do not apply to directors .
Other Directorships & Interlocks
- Prior public boards: Yahoo!, Ligand Pharmaceuticals, POGO Producing, Massey Energy, Sotheby’s .
- Current public company boards: Not disclosed in SPNT proxy for Loeb .
- Interlocks/related-party exposure:
- Third Point manages SPNT assets via TP Fund LPA (term to Mar 31, 2026) and TPOC Portfolio IMA (management fee 0.50% p.a.; tiered incentive fees on outperformance) .
- Redemption notice: SPNT provided notice on Feb 28, 2025 to redeem all capital accounts as of Mar 31, 2026 under TP Fund LPA; termination triggers include Mr. Loeb’s death/disability or cessation of directing Third Point’s program .
- Standstill agreement with Mr. Loeb (Aug 9, 2023) restricts take-over proposals and acquisitions above 9.5%; terminates July 1, 2025 (subject to terms) .
Expertise & Qualifications
- Skills: Investment management, corporate governance, risk management, financial literacy, shareholder engagement; reflected in Board skills matrix and Loeb biography .
- Education: A.B. in economics, Columbia University (1983) .
- Industry experience: Multi-decade investing in equity/credit; engagement with boards to improve performance .
Equity Ownership
| Security | Amount | % of Class | Voting Power % |
|---|---|---|---|
| Common shares | 11,068,662 | 9.54% | 9.54% of total voting power (subject to Bye-law 9.5% constraints) |
| Series B Preference Shares (non-voting) | 34,796 | 0.44% | N/A |
- Ownership guidelines: Directors must own ≥3x annual retainer within 5 years; “All independent directors have achieved or are on track” (no specific disclosure for non-independent directors) .
- Hedging/pledging: Prohibited for directors and officers; insider trading policy bans hedging and pledging of company stock .
- Attendance/engagement: All directors attended 100% of meetings in 2024 .
Governance Assessment
-
Positives
- Significant “skin in the game” (9.54% common shares), aligning interests with shareholders .
- Formal standstill limits control-seeking actions through July 1, 2025, reducing near-term activism/governance volatility risk .
- Related Person Transaction Policy requires Audit Committee review/approval of related-party dealings; committees are independent-only, mitigating conflict risks .
- Board-wide 100% attendance in 2024 supports engagement and effectiveness .
-
Conflicts and red flags
- Non-independence: Loeb is not independent due to Third Point’s investment management relationship and >5% ownership; he holds 9.54% voting power (with Bye-laws limiting 9.5% shareholders’ voting aggregation), raising potential influence and conflict concerns .
- Related-party economics: TPOC IMA management fees and tiered incentive fees; TP Fund incentive allocations (20% over net increases, after fees/LRA) can create perceived conflicts around portfolio risk, fee outcomes, and strategy alignment with underwriting cycles .
- Standstill expiry: July 1, 2025 termination increases governance uncertainty; potential for heightened shareholder influence or proposals post-expiry .
-
Mitigants
- Independent-only committee structure excludes Loeb from audit/compensation/investment/risk oversight roles, reducing direct conflict pathways .
- SPNT has provided notice to redeem TP Fund capital by Mar 31, 2026, signaling transition away from legacy structures and potentially lowering related-party exposure over time .
Overall, Loeb’s deep investment acumen and substantial ownership are positive for alignment and capital markets oversight, but his non-independence and Third Point’s fee-bearing mandates warrant continued monitoring—especially as the standstill agreement sunsets in mid-2025 and as SPNT executes its planned redemption from TP Fund by March 2026 .