Here's Why Sirius International Insurance Group Is Soaring on Friday
The stock market was marginally down on Friday morning as stimulus talks have stalled. However, Sirius International Insurance Group (NASDAQ: SG) is a major standout. As of 11:15 a.m. EDT, the insurer's shares were higher by more than 40%.
The move in Sirius Group is being fueled by news that the company has agreed to merge with reinsurance company Third Point Reinsurance (NYSE: TPRE) to create a combined insurance company called SiriusPoint Ltd., which would represent about $2.5 billion in gross written premiums over the last year.
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Source Fool.com