In the days before hedge fund manager Daniel Loeb decided to drop its buyout of SiriusPoint, Carrier Management asked analysts at AM Best and Fitch Ratings about the pros and cons of taking insurers and reinsurers private.

Sridhar Manyem, senior director, Industry Research and Analytics at AM Best, said the upside of such a move is that it can reduce the pressure around quarterly earnings performance, stock market volatility and, to some degree, reduce shareholder activism.