SiriusPoint Ltd.
03/23/2026 | Press release | Distributed by Public on 03/23/2026 14:37
Management Change/Compensation (Form 8-K)
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On March 16, 2026, SiriusPoint Ltd. filed a Current Report on Form 8-K announcing the departure of Mr. Rob Gibbs, President & Chief Executive Officer of SiriusPoint International Insurance Corporation (publ) ("SiriusPoint International").
On March 17, 2026, SiriusPoint International and Mr. Gibbs entered into a Settlement Agreement ("Settlement Agreement") in connection with his departure. A copy of the Settlement Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Under the Settlement Agreement, Mr. Gibbs will receive a severance payment in the amount of 401,700 GBP, which will be: (a) subject to applicable income tax withholdings and required National Insurance contributions; (b) inclusive of payment in lieu of notice for his six-month notice period, any pro-rated annual bonus entitlement for 2026, and contractual severance pay; and (c) paid in 12 equal monthly installments commencing after his last day of employment on April 30, 2026. Mr. Gibbs will not be entitled to a bonus for 2025. SiriusPoint International will use reasonable efforts to transfer the benefit of its private medical insurance to Mr. Gibbs to allow coverage to continue through April 30, 2027, and will pay the associated monthly premiums through such date. SiriusPoint International will also continue his life assurance coverage through December 31, 2026 and will pay 3,000 GBP in lieu of life assurance for the period from January 1 through April 30, 2027, subject to required deductions for tax and National Insurance. Outstanding equity awards held by Mr. Gibbs will be treated in accordance with the applicable award agreements, except as expressly modified in the Settlement Agreement. Mr. Gibbs will remain subject to confidentiality, non-disparagement, non-compete, non-solicitation, and other post-employment obligations. The Settlement Agreement also includes a general release of claims by Mr. Gibbs and is conditioned upon his execution and non-revocation of such release.
The foregoing summary is qualified in its entirety by reference to the full text of the Settlement Agreement.
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