** Brokerage Jefferies starts coverage on insurer SiriusPoint SPNT.N with "hold" rating and $17 PT
** PT a 3.4% upside to the stock's last close
** Brokerage says SPNT is a "a global insurance and reinsurance underwriter" that has made progress in its turnaround efforts
** Brokerage says that co has simplified its business, reduced risks and shifted its focus to specialty insurance
** Brokerage believes SPNT's unique distribution approach and use of external managers (MGAs) may take time to prove its effectiveness
** As of last close, SPNT stock up 0.24% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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