(Bloomberg) -- Third Point Reinsurance Ltd., co-founded by hedge-fund manager Dan Loeb, likened the risk of mergers and acquisitions to picking a spouse without being aware of how much can go wrong.
“Just like marriage, in M&A the 20 percent that work are so beautiful it inspires us all" in the industry about the possible benefits of finding a partner, Chief Executive Officer John Berger said Wednesday at a conference. However, “50 percent of marriages end in divorce.”
Third Point Re has resisted the temptation to pursue a deal as insurers have increasingly been seeking acquisitions or selling themselves to rivals in combinations that add scale and diversify risks. Endurance Specialty Holdings Ltd. acquired Montpelier Re Holdings Ltd. last year and then agreed this month to sell itself to Japan’s Sompo Holdings Inc.
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